Anglo-Swiss Glencore Energy (GLEN.L) and Swiss Vitol will be qualified to submit a binding bid for a majority stake in Greece’s biggest oil refiner Hellenic Petroleum (HEPr.AT), sources close to the process said on Tuesday.
Athens last month received five expressions of interest for a 50.1 percent holding in Hellenic in one of the biggest asset sales under the country’s three international bailouts since 2010.
Along with Glencore Energy UK and Vitol Holding B.V., initial interest was also submitted by Alrai Group Holdings Limited, a consortium comprising Carbon Asset Management DWC-LLC and Alshaheen Group and the Gupta Family Group Alliance.
But the country’s privatization agency said on Tuesday the three schemes “did not meet the criteria to participate in the second phase of the tender”. It did not name those shortlisted.
Sources have said Greece and Paneuropean Oil want to maintain a stake of about 15 percent each in Hellenic. The exact size of the holding to be sold will not be disclosed until short-listed investors are invited to submit binding offers.
Source: Reuters.com