Proceeds from Hellenic Petroleum’s sale of DESFA to reach 300 million euros

Hellenic Petroleum’s proceeds from the selling of DESFA will reach 300 million euros, if the dividend payment of 16 million euros from 2017 was added to the price of 283.7 million euros, according to the agreement.

Hellenic Petroleum’s general shareholders’ meeting on Monday approved the sale of DESFA to the consortium of SNAM-Enagas-Fluxys. The consortium will pay 535 million euros for the purchase of a 66 pct majority stake in DESFA (35 pct from Hellenic Petroleum and 31 pct from Hellenic Republic Asset Development Fund).

Efstathios Tsotsoros, Hellenic Petroleum’s chairman, addressing the company’s shareholders said the group will be present in the natural gas market in a beneficial way. “Our participation in the natural gas will continue in a way that will ensure that we control our position,” Tsotsoros said.

Andreas Siamisis, deputy CEO, said the proceeds from the sale of DESFA could be used to further deleverage, strengthen the company’s balance sheet or/and funding investments. He said the transaction needed approval by Greek and European authorities.

Participation in the general shareholders’ meeting reached 84.31 pct. The transaction was unanimously approved.