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Greece delays the sale of 50% stake in oil refiner Hellenic Petroleum

The Greek Privatisation Agency has decided to delay sale of a 50.1% stake in Hellenic Petroleum, Greece's larget oil refining company, as no binding bids have been submitted. In March 2019, the government of Greece and Paneuropean Oil and Industrial Holdings, which are jointly selling the 50.1% stake, shortlisted two potential buyers - a consortium of Glencore Energy and CIEP Participations (Carlyle Group) and a consortium of Vitol Holding and Sonatrach - and established a deadline for bids on 3 April 2019. Recent developments in the international environment affected the consortia, which failed to submit a binding bid. The 50.1% stake is valued at around €1.3bn.

Hellenic Petroleum holds three oil refineries in Greece: 90,000 bbl/d Thessaloniki, 151,000 bbl/d Aspropyrgos and 100,000 bbl/d Elefsina. The company's oil product output (around 16.5 Mt/year) is mostly exported.

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