No binding bids made for Greece's Hellenic Petroleum
No binding bids have been submitted for a majority stake in Greece’s biggest oil refiner Hellenic Petroleum, the country’s privatization agency said.
Switzerland-based commodities trader and miner Glencore had teamed up with CIEP Participations, and Vitol, the world’s largest oil trader, with Algeria’s Sonatrach after they were shortlisted to bid for a 50.1 percent stake in Hellenic.
The privatization agency said the lack of bids was “due to reasons related to the short-listed parties and recent developments in the international environment that affect the consortia.” It did not elaborate.
The board of the agency will meet to consider the next steps, it added in a statement.
Paneuropean Oil and Industrial Holdings are jointly selling the stake in Greece’s biggest energy privatization under the surveillance of its international lenders since its third bailout expired in August.
Athens has raised 5.8 billion euros from state asset sales since 2010. The Hellenic stake is valued at about 1.3 billion euros ($1.5 billion).
Hellenic, which exports more than half of its annual output of about 16.5 million tonnes, owns three oil refineries in Greece and also has rights to explore for oil and gas in the country.
Workers are opposing the deal, saying Athens is selling off its most precious asset. They staged a three-hour stoppage on Wednesday to protest against the sale.
$1 = 0.8903 euros Reporting by Angeliki Koutantou; Editing by Mark Potter
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