The Greek state and Paneuropean Oil and Industrial Holdings are in talks over the possibility of divesting a combined stake in Hellenic Petroleum, according to Reuters. “Their discussions have not yet concluded, such conclusion is expected in the near future,” a statement from the company said.
Under its latest €86bn bailout, Athens agreed to launch a series of privatisations this year, including divesting the state’s 35.5% stake in Hellenic or selling a smaller stake.
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.