Greek State to keep 36.25% of ELPE’s hydrocarbon rights

The Greek State is expected to maintain a 36.25 percent share of ELPE’s (Hellenic Petroleum) hydrocarbon interests, close its current overall stake held in the petroleum company, following the sale of a 50.1 percent share to be offered to strategic investors through an agreement with co-shareholder Paneuropean Oil.

The Greek State currently holds a 35.5 percent stake of ELPE and Paneuropean Oil, a member of the Latsis corporate group, controls a 45.47 percent stake.

A new holding company is expected to be formed to host ELPE’s various hydrocarbon ventures, including one representing the Greek State’s 36.25 percent share, as well as companies currently holding exploration and production licenses for various blocks around Greece. These include Arta-Preveza, northwest Peloponnese, the Gulf of Patras, as well as the Ionian Sea’s Block 2, west of Corfu.

Just days ago, the Greek State and the Latsis corporate group reached an agreement to offer a 50.1 percent share of ELPE to a strategic investor.

Now that this agreement has been reached by the co-shareholders, TAIPED, the state privatization fund, is expected to announce an international tender within the next ten days. The sale procedure could be completed by the end of this year, according to the privatization fund.