Greece to sell a majority stake in its biggest oil refiner Hellenic Petroleum

Greece launched an international tender to sell a majority stake in Hellenic Petroleum as part of its 3rd international bailout.

The international public tender process will be conducted in 2 phases, a pre-qualification phase and a binding offers phase. Ιn the pre-qualification phase, HRADF invites investors to submit expressions of interest according to the terms of the invitation by May 18.

Hellenic Petroleum is Europe’s 3rd biggest oil refiner based on its market value of 2.6 billion euros. The company’s business in Southeast Europe comprises networks of filling stations in Bulgaria, Serbia and Montenegro operating under the EKO brand, as well as the OKTA oil refinery in Macedonia.

Hellenic Petrol activities also include fuels marketing, petrochemicals production, power generation, oil and gas exploration and production, renewable energy, consulting and engineering services.

The biggest shareholder of Hellenic Petroleum is Luxembourg-based Paneuropean Oil and Industrial Holdings (POIH) with a 45.47% stake and Greek state through HRADF with a 35.48% stake. The remaining stake of 19.05% is in free float and is held by institutional and private investors.