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Hellenic Petroleum stake could go on the block
Posted on Friday, 13 September 2019 13:30
Greek oil company Hellenic Petroleum has said the Hellenic Republic Asset Development Fund (HRADF) is mulling a potential sale of a stake in the business.
The firm issued the statement in response to press reports, which posited that the investor could look to offload part of its holding, currently totalling 35.5 per cent.
However, it added that HRADF has yet to make a final decision on the matter and no concrete details, such as the size of the stake to be divested or the anticipated value of the prospective deal, have been disclosed at this time.
Further specifics would be revealed at a later date, if the potential vendor does opt to go ahead with a sale.
Athens-listed Hellenic Petroleum describes itself as one of the leading energy companies in south east Europe, with a presence spanning six countries and a history dating back to its establishment in 1998.
The group’s offering includes the supply, refining and trading of petroleum products, fuels marketing, petrochemicals production and trading and oil and gas exploration and production, among others.
It had assets worth a combined EUR 7.30 billion as of 30th June 2019, up from EUR 6.99 billion on the same date in 2018.
Hellenic Petroleum posted revenue and gross profit of EUR 4.46 billion and EUR 419.41 million in the first half of 2019, compared to EUR 4.67 billion and EUR 595.60 million in the corresponding timeframe of last year.
Zephyr, the M&A database published by Bureau van Dijk, shows the largest deal targeting a petroleum refinery operator to have been announced worldwide since the beginning of 2019 featured a UAE-based target.
That transaction saw OMV and Eni picking up a 35.0 per cent shareholding in Abu Dhabi Oil Refining for USD 5.80 billion.
Other companies to have been targeted since the start of the year include Compania Espanola de Petroleos, Lavan Oil Refining and the Martinez refinery and related logistics assets of Equilon Enterprises.
© Zephus Ltd