Hellenic Q3 Core Profit Falls 15%
Hellenic Petroleum's core profit fell 15% in the third quarter on lower refining margins, Greece's biggest oil refiner said on Tuesday.Adjusted for oil inventory holdings, earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 201 million euros ($222.91 million), down from 237 million euros in…
Sonatrach Shortlists 4 Firms for Trading Joint Venture
Algeria's Sonatrach has shortlisted four firms, with only one to be selected, to set up a trading joint venture, the company's chief executive Abdelmoumene Ould Kaddour told reporters."Of the 14 international firms interested in a trade JV with Sonatrach, we have shortlisted four," Ould Kaddour said without giving the names…
Greece Approves Two Consortia for Hellenic Petroleum Bids
Greece on Monday approved two consortia to submit final bids for a 50.1 percent stake in its biggest oil refiner Hellenic Petroleum, its privatisations agency said.The consortia are: Glencore Energy with a unit of U.S.-based Carlyle Group; and Vitol Holding with Algeria-based Sonatrach.Glencore and Vitol had already been shortlisted last summer.(Reuters, Reporting by Angeliki Koutantou Editing by
Snam, Enagás, Fluxys Complete DESFA Acquisition
The consortium consisting Italy’s Snam, Spain’s Enagás and Belgium’s Fluxys has completed the acquisition of a 66 percent stake in Greek natural gas operator DESFA.According to a joint release, the purchase valued at €535 million ($613.9 million) has been completed with the Hellenic Republic Asset Development Fund (HRADF) and Hellenic Petroleum.The consortium…
Hellenic Petroleum Q3 Core Profit up 15%
Hellenic Petroleum, Greece's biggest oil refiner, reported a 15 percent rise in third-quarter core profit on Thursday with stronger sales volumes more than offsetting lower refining margins.Adjusted for oil inventory holdings, earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 237 million euros ($271.06 million)…
Hellenic Petroleum Q2 Core Profit Drops 18%
Hellenic Petroleum, Greece's biggest oil refiner, reported on Thursday a 18 percent drop in second-quarter core profit, hurt by lower refining margins and a stronger euro.The refiner said earnings before interest, tax, depreciation and amortisation (EBITDA), adjusted for oil inventory holdings, came in at 187 million euros ($218.04 million) in April to June, down from 228 million euros in the same
Hellenic Petroleum Workers Battling Selloff Block Suitors from Refineries
Workers at Hellenic Petroleum on Monday physically prevented suitors eyeing a majority stake in Greece's biggest oil refiner from entering two of its sites in protest at plans to privatise the utility, a union spokesman said.While privatisations have been a key part of successive bailout agreements Greece has struck since 2010…
Greece Shortlists Glencore, Vitol in Hellenic Petroleum Majority Stake Sale
Greece has shortlisted Anglo-Swiss Glencore and Swiss Vitol to submit a binding bid for a majority stake in the country's biggest oil refiner Hellenic Petroleum, its privatisation agency said on Wednesday.Athens last month received five expressions of interest for a 50.1 percent stake that Greece and Paneuropean Oil and…
Glencore, Vitol Shortlisted in Hellenic Stake Sale
Anglo-Swiss Glencore Energy and Swiss Vitol will be qualified to submit a binding bid for a majority stake in Greece's biggest oil refiner Hellenic Petroleum, 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.
Europe's Iranian Oil Purchases Set to Plummet
Key lender for Europe's oil purchases cuts credit from June 30. European refiners are cutting purchases of Iranian oil faster than expected as the U.S. prepares to reimpose sanctions on Iran, threatening a more severe impact than the last round of punitive measures in 2012 even though the EU has not joined in. Washington…
Greece Launches Tender to Shed Hellenic Petroleum Stake
Greece on Wednesday launched an international tender to sell a majority stake in Hellenic Petroleum as part of its third international bailout. Greece's privatisation agency said it will sell no less than 50.1 percent in the country's biggest oil refiner and interested investors must submit expressions of interest by May 18.
Hellenic Petroleum Appoints New Chief Executive
Hellenic Petroleum Chairman Efstathios Tsotsoros has taken on the additional position of chief executive, the company said in a bourse filing. Tsotsoros' appointment was proposed by the Greek state last week and approved at a board meeting on Tuesday. Grigoris Stergioulis steps down after three years at the helm. Greece is selling a stake in Hellenic…
Exxon, Total, Repsol among bidders for oil exploration off Greece
Oil majors Exxon Mobil, Total and Repsol are among members of two consortia that have submitted bids to explore for oil and gas off Greece. Greece's oil and gas resources management company (HHRM) said on Monday that Exxon and Total, each with 40 percent stakes, and Hellenic Petroleum had jointly bid to explore off Crete…
Greece Greenlights Total, Edison O&G Exploration
Greece's parliament gave the go-ahead on Wednesday for companies including France's Total and Italy's Edison to explore for oil and gas in the west of the country. Licences for four blocks - one offshore and three on land - were awarded in 2016 but had to be ratified by parliament for exploration work to begin. Encouraged by recent large gas finds in the eastern Mediterranean…
Hellenic Petroleum Q4 Core Profit Drops 21%
Hellenic Petroleum, Greece's biggest oil refiner, on Thursday reported a 21 percent drop in fourth-quarter core profit due to weaker refining margins. The refiner said earnings before interest, tax, depreciation and amortisation (EBITDA), adjusted for oil inventory holdings, came in at 170 million euros ($209.59 million), down from 215 million euros in the same period a year earlier.
Greece Attracts Interest for Offshore Oil & Gas Tenders
Tenders for offshore oil and gas exploration and exploitation west and south of Greece have attracted "strong interest" from companies exploring in the Mediterranean, the head of Greece's oil and gas resources management company said on Wednesday. Greece launched the tenders after expressions of interest by a consortium of Exxon Mobil…
Hellenic Petroleum Expects Final Bids
Hellenic Petroleum expects to get binding bids for Greece's gas grid operator next month, its deputy chief executive officer said on Thursday. "We expect to get financial offers in December," Andreas Shiamishis told an analysts conference call. Hellenic is divesting its 35 percent stake in the grid, DESFA , and the Greek…
Total Expects Approvals for Offshore Greece Exploration
Total expects approval from the Greek parliament by the end of the year to explore for oil off the western coast of Greece, the French company's chief executive told a Greek newspaper. Greece and a consortium made up of Total, Italy's Edison and Hellenic Petroleum have signed a lease agreement to search for oil and gas in the Ionian Sea.
Hellenic Petroleum Q2 Core Profit Up 46%
Greece's biggest oil refiner Hellenic Petroleum posted on Thursday a 46 percent rise in second-quarter core profit thanks to higher refining margins, lower input costs and strong tourism. Adjusted for oil inventory holdings, earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 228 million euros ($270.29 million), up from 156 million euros in the same period last year.
Greece Launches New Offshore Oil and Gas Tenders
Greece launched two tenders on Monday for offshore oil and gas exploration and exploitation in the west and south of the country, the energy ministry said. The move follows expressions of interest by a consortium of Total, Exxon Mobil and Hellenic Petroleum for exploration in two sites off the island of Crete, and by Greece's Energean for a block in the Ionian Sea in western Greece.