The Greek Development Fund (HRADF) Board of Directors has authorized eligible bidders to purchase a 50.1 percent stake in oil companies Helenik Petroleum, Glenkor and Vitol to form a consortium with other companies in the privatization process of the Greek company, as “Vijesti” finds out from sources close to the Greek company. Helenik is the majority owner of the Montenegrin oil company Jugopetrol, which, for decades, has continued to dominate the domestic oil refinery market with the cheapest gas supply chain.
In the second phase of the sale of Greek Helenik shares, a consortium was established between the British company Glenkor Energy UK ltd and CIEP Participations S.a. R. L. SICAR - a member of the American Carlyle group, a public investment fund.
Glenkor has long been known to the Montenegrin public for purchasing contracts of aluminum from KAP, which were resumed even after the privatization of the aluminum company from Podgorica, until the bankruptcy was introduced in July 2013. Glenkor is a multinational company that, besides metals, also trades in derivatives, cereals and other stock goods exchange.
To the Dutch Vitol (Vitol Holding BV) is allowed to form a consortium with the company from Algeria Societe Nationale.
Carlyle Group was officially established in 1987 and manages the capital of approximately $212 billion. In the media, it is often referred to as the "striking hand" of the former Republican leaders, from former CIA Frank Carlucci to former US President George Bush.
CIEP was formed in 2013 and looks for opportunities to invest in oil and gas outside North America, especially in Europe, Africa, Latin America and Asia. It is registered in Luxembourg. Societe Nationale is a state-owned Algerian company formed for the exploitation of hydrocarbons. The Algerian Government launched a major investigation into this company in June, due to suspected corruption. To acquire 50.1 percent majority of the shares in Helenik, which owns Jugopetrol, five companies were interested, but only Glenkor and Vitol passed to the second round. The shares are sold jointly by the Greek state, 20 percent, i.e. by the state HRADF and the pan- European oil and industrial holding, 30.1 percent. They signed a Memorandum of Understanding in April last year and offered a total share of at least 50.1 percent in the largest oil refinery in Greece.
Text by Milorad Milosevic, on January 29th 2019, read more at Vijesti
