Hellenic Petroleum

The five-year bond that Hellenic Petroleum issued on Friday met with strong demand that brought its interest rate down to just 2.125 percent, against an original estimate of 2.5 percent.
Investors' bids added up to 1.5 billion euros, more than three times the issue that was aimed at raising 400 million, which led the group to draw 500 million euros instead.

Greek lawmakers ratified on Wednesday evening four contracts for hydrocarbon exploration off Crete and in the Ionian Sea.

Voting for the concessions were MPs of ruling New Democracy, KINAL and Greek Solution, while the main opposition SYRIZA expressed reservations. The Communist Party and MeRA25 voted against them.

Hellenic Petroleum (HELPE) is hastening to make the most of the favorable climate in international sovereign and corporate bond markets, especially as far as Greek securities are concerned, and has started the process for the issue of a five-year bond.

The Greek government is considering the full sale (100 pct) of the country's state-controlled gas company DEPA as part of its privatization's plan, according to Energy Ministry sources cited by state-run news agency ANA-MPA.

The ministries of Energy and Development appear ready to tackle any incidents of profiteering in the fuel trade due to the global rise of rates, while market professionals also sought to downplay concerns about the consequences of geopolitical developments in the Middle East.

It is happening sooner than anticipated: Two major Greek companies - namely oil refiner Hellenic Petroleum and OTE telecom - are preparing to borrow hundreds of millions of euros from the markets. Meanwhile, the country is about to rid itself of the expensive loans granted by the International Monetary Fund and plans to tap financial markets.

The easing of Greek state bond yields to record lows has opened the way to international markets for major Greek corporations too, as they can now take the opportunity to reduce their cost of borrowing.

The transformation of Public Gas Corporation (DEPA) is back on the table ahead of crucial decisions for the privatization of the utility that is 65 percent owned by the state privatizations fund (TAIPED) and 35 percent owned by Hellenic Petroleum (HELPE).

Greece's privatization agency is considering selling a stake in the country's biggest oil refiner Hellenic Petroleum, Hellenic said on Friday.

The agency has reviewed the possibility of selling a stake in Hellenic Petroleum via the Athens Stock Exchange but has not decided the exact stake to be sold or the sale price, Hellenic said in a statement.

The Greek stock market recovered somewhat on Wednesday after three days of losses thanks to a buying spree during the closing auctions that took the main indexes to the day's high amid a positive mood in most foreign markets.