Greece Seeks Financial Advisor for Hellenic Petroleum Privitisation

The Greek finance ministry has announced an international tender  for the immediate hiring of a financial adviser for the full  privatisation of Hellenic Petroleum S.A.(ELPE).

According to a website "Request for Proposals for the selection of Financial Adviser in relation to Hellenic Petroleum S.A.,  the Greek state is considering "the appointment of one or more leading investment banks to act as its financial adviser(s) for the assessment of the best available options for the privatization of its holding in Hellenic Petroleum S.A.".

Current ownership is made up of the Hellenic Republic holds 35.48% of the Company’s share capital, 41.85% belongs to Paneuropean Oil and Industrial Holdings S.A. and the rest is free floated. ELPE’s shares are listed on the Athens Stock Exchange. In May 2003, the Hellenic Republic and Paneuropean entered into a shareholders agreement according to which both shareholders have pre-emption right in case any of them decide to sell all or part of their stake.

The Hellenic Republic's objective is to fully privatize ELPE through the sale of all or part of its stake in the Company. ELPE is one of the leading energy groups in Greece and South East Europe as it owns and operates four oil refineries in Aspropyrgos, Elefsina and Thessaloniki in Greece and the sole refinery in Skopje, Fyrom.

The Company’s domestic marketing activities are performed through its fully-owned subsidiaries EKO and Hellenic Fuels (former BP Hellas) and their extensive retail network throughout Greece. At an international level,
the Company is one of the key fuel players in Cyprus, Serbia, Bulgaria, Fyrom, Montenegro, Albania, Bosnia-Herzegovina and Georgia through its fuel distribution and retail fuel service station networks. ELPE is the sole petrochemicals producer in Greece with operations integrated in its refineries.

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