Greece may sell Hellenic Petroleum earlier

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Greece may sell its stake in the country's biggest refiner, Hellenic Petroleum , earlier than originally planned, the country's environment minister said on Saturday.

Greece has pledged to sell state assets in exchange for an 110 billion euro IMF/EU bailout. The debt-choked country aims at revenues of 50 billion euros from privatisations by 2015 and the sale of its 35.5% stake in Hellenic Petroleum is earmarked for the first quarter of 2012.

"Our planning for Hellenic Petroleum is to proceed with the stake sale in the first quarter of 2012 or earlier," George Papaconstantinou told a Greek newspaper.

Hellenic Petroleum runs refineries in Greece and Macedonia. It has a market capitalisation of 1.8 billion euros.

The sale of a 55% stake in natural gas company DEPA and a 31% stake in natural gas grid operator DESFA remains on the country's privatisation list for the last quarter of this year, Papaconstantinou said.

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