Stathakis wants state control of hydrocarbon rights recipient

Energy Minister Giorgos Stathakis has floated the idea of the state retaining majority or even full control of the company to which Hellenic Petroleum (HELPE) will transfer the hydrocarbon surveying and utilization rights conceded to it. The initiative comes at a time when the tender for the sale of a 50.1 percent stake in the oil company to a strategic investor is generating fresh interest in the market.

A decision by Greece's Capital Market Commission allowing the strategic investor not to submit a public offer has simplified the process for investors and revitalized their interest. The decision was formally submitted to state sell-off fund TAIPED last Friday. However, the intervention by Stathakis to alter the terms of the tender that have been agreed with Paneuropean of the Latsis group, is stirring fresh uncertainty.

The agreement with the Latsis group - reflected...