Greece's Hellenic Petroleum sell-off stalls as no bids made - REUTERS

APRIL 3, 2019 / 7:03 PM
Angeliki Koutantou

• Glencore/CIEP and Vitol/Sonatrach were shortlisted
• 50.1 pct stake in Hellenic worth about $1.5 bln
• Privatisation agency’s board to discuss next steps 

ATHENS, April 3 (Reuters) - No binding bids have been submitted for a majority stake in Greece’s biggest oil refiner Hellenic Petroleum, dealing a blow to a key part of a planned sell-off of state assets mandated by international bailouts.

Switzerland-based commodities trader and miner Glencore had teamed up with CIEP Participations, and Vitol, the world’s largest oil trader, with Algeria’s Sonatrach after they were shortlisted to bid for a 50.1 percent stake in Hellenic.

Greece’s privatisation agency said the lack of bids was “due to reasons related to the short-listed parties and recent developments in the international environment that affect the consortia.” It did not elaborate.