Greece, Paneuropean oil agree to divest 50.1 percent in Hellenic Petroleum

Greece and Paneuropean Oil and Industrial Holding have agreed to divest a combined 50.1 percent stake, at least, in Greece’s biggest oil refiner Hellenic Petroleum.

A memorandum of understanding was signed on April 3, Hellenic Petroleum said in a bourse filing.

The move paves the way for Athens to conclude one of the most lucrative stake divestments under its three international bailouts since 2010. [Reuters]