The Greek government expects the ELPE (Hellenic Petroleum) privatization to be completed in June. It is looking at a plan that would give the buyer a stake of at least 51 percent in the petroleum firm through an agreement by the Greek State, holding a 35.5 percent stake of ELPE, and Paneuropean Oil, a member of the Latsis corporate group, which controls a 45.47 percent stake.
Energy minister Giorgos Stathakis informed the ELPE workers union group, PSEEP, of the plan at a meeting just days ago, held to discuss a government plan anticipating 500 million euros for the national budget in 2018 through the sale of the Greek State’s stake in ELPE.
Three alternatives were discussed at the meeting. The likeliest option entails a deal between the Greek State and Paneuropean Oil that would offer investors an ELPE stake of at least 51 percent.
The least likely option to be implemented, as things currently stand, entails the sale of ELPE shares through the bourse, as this is seen as the least profitable option.
Another option that would offer investors low-interest bonds for an amount covering the aforementioned budget amount and payable over a long-term period is also seen as an unlikely choice at present, as this would increase the public debt figure.