Greek authorities, Paneuropean continue talks

Greek authorities and Paneuropean -a member of Latsis Group and a major shareholder (45.4 pct) in Hellenic Petroleum- are continuing negotiations ahead of a general shareholders’ meeting scheduled for Friday.

The general shareholders’ meeting was initially scheduled for May 24, but was postponed after a request by Paneuropean on the grounds that talks with Greek authorities were incomplete. Talks are focusing on the distribution of management positions in the Hellenic Petroleum. Company sources told reporters that the issue remained open, while Environment and Energy ministry sources said that some changes could be made in the management of Hellenic Petroleum.

Hellenic Petroleum will hold a new, extraordinary general shareholders’ meeting in July 6 to approve an agreement with the Greek state for the sale of a 66 pct of DESFA, where Hellenic Petroleum control a 35 pct equity stake. Hellenic Petroleum sources said that the tender will be launched soon and it will be successfully completed.

Meanwhile, DEPA (Public Gas Corporation) sources said it will soon announce an agreement to acquire a minority stake in an electricity energy provider. Hellenic Petroleum owns a 35 pct equity stake in DEPA and has already established activities in the electricity energy market through a partnership with Elpedison.