The binding bids deadline of a sale offering a controlling 50.1 percent stake in ELPE (Hellenic Petroleum) is expected to be set for late February or early March, sources closely monitoring the privatization’s developments have informed.

This one-and-a-half month period should provide enough time for the sale’s new entries, American firm Carlyle and Algeria’s Sonatrach – who have established respective partnerships with the procedure’s two existing candidates, Glencore and Vitol – to appraise ELPE.

No other pending issues remain other than a response from the prospective buyers on the privatization’s plan for ELPE Upstream. Holding Hellenic Petroleum’s hydrocarbon exploration and concession rights, ELPE Upstream will remain under the control of the state with a 51 percent stake.

The entire portfolio of ELPE’s current hydrocarbon exploration and concession rights has been incorporated into ELPE Upstream. Future concession rights are also planned to be added to this holding company.

The state will reserve the right to appoint ELPE Upstream’s managing director, while, according to sources, the holding company’s minority shareholder will have the right to decide on investment decisions and presumably exercise veto rights.

ELPE’s details were uploaded into a virtual data room last week for investors to study as they prepare to shape their offers.