Greece and Paneuropean Oil and Industrial Holding have agreed to divest a combined 50.1% stake, at least, in Greece’s biggest oil refiner Hellenic Petroleum, according to Reuters.
A memorandum of understanding was signed on April 3, Hellenic Petroleum said in a bourse filing. The move paves the way for Athens to conclude one of the most lucrative stake divestments under its three international bailouts since 2010.
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.