Greek State to no longer control majority of ELPE board

Privatization fund TAIPED’s deferral, by a week, for May 28, of revisions concerning Hellenic Petroleum ELPE’s corporate agreement and green-focused transformation plan highlights the difficulties faced in the effort to find a right balance between the petroleum group’s two main shareholders, the Latsis group’s Paneuropean, holding a 47 percent stake, and the Greek State, holding a 35.5 percent stake.

The Greek State’s presence on ELPE’s 11-member board is expected to be reduced from seven, at present, to four on the new board, following fears of an even smaller presence.

Paneuropean supports the revisions and is expected to endorse them at the general shareholders’ meeting on May 28.

The main opposition Syriza party has intensified its criticism of the government’s handling of the ELPE plan, accusing the administration of putting the Greek State’s interests at stake.

The government will do what it must to ensure the interests of the Greek State as well as ELPE, so that the company may contribute to further economic growth in Greece, energy minister Kostas Skrekas noted earlier this week.