The Greek state could sell its 51% stake in Greece’s biggest oil refiner Hellenic Petroleum, according to Reuters. Both government and union officials explained that the decision could be made in order to meet a vital condition of the bailout program.
After its latest €86bn bailout, the government was effectively forced into a series of privatisations. Many have so far been delayed thanks to the efforts of some extreme-left MPs in the SYRIZA-led government, who are against privatisation as a whole due to their ideologies.
Paneuropean Oil and Industrial Holdings, which is Hellenic Petroleum’s largest shareholder with a 45.5% stake, is owned by the Latsis Group. Hellenic Petroleum, which has a market value of €2.4bn, operates three refineries in Greece.