Repsol is seriously considering taking part in an international tender offering 50.1 percent of ELPE (Hellenic Petrolem), announced just days ago, energypress sources have informed.
The Spanish company, already active in Greece’s hydrocarbon exploration and production market, recently formed a partnership with ELPE to submit a joint bid for an offshore block in the Ionian Sea.
Repsol meets all the ELPE tender’s strict criteria – financial, technical and geopolitical – set by TAIPED, the state privatization fund, in association with the sellers, the Greek State and Paneuropean Oil, a member of the Latsis group.
The Spanish firm maintains a strong presence in the refining sector. Its investments in this domain have totalled some 4 billion euros over the past few years. Repsol operates six industrial refineries. In 2016, Repsol’s assets were worth a total of 39.2 billion euros while the enterprise posted a total turnover figure of 36.3 billion euros and an operating profit of over two billion euros.
In the exploration and production field, Repsol has certified deposits of 2.3 billion barrels and is producing 690,000 bpd. Its refining capacity exceeds one mllion bpd.
Another major European petroleum firm, Italy’s Eni, is also believed to be closely monitoring the ELPE tender.
According to the tender’s terms, investors must be able to prove they possess readily available investment amounts worth at least two billion euros.
TAIPED reserves the right to eliminate any interested investor if such a course of action is deemed necessary by the Greek State for protection of national interests, energy securtity and energy supply.
A May 18 deadline has been set for first-round offers. Interested parties have until May 9 to enquire about the international tender’s terms.