Greece: bad news for OMV in Greece
Article Abstract:
The recent state visit of Russian prime Minister, Vladimir Putin, to Greece could signal bad news for Austrian oil company, OMV, concerning its involvement in privatisation of the Greek state oil company Hellenic Petroleum (HP). Putin announced that he sees Greece as the link between Russian oil and the western markets. He even hinted that liberalisation of the Greek market offers opportunities for expansion for Russian companies. The Greek government plans to have sold 21% of HP by Easter 2002. OMV faces competition from Russian concerns Lukoil and Yukos Oil. According to Vasilis Vlastarakis, head analyst at Kontalexis Financial Services, Lukoil are favourites to take the bid for the stake in Hellenic Petroleum. Vlastarakis says that Lukoil could join forces with the Latsis Group, which has excellent contacts in Greek politics, to form a bidding consortium.
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 2001
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GREECE: RUSSIANS EYEING HELLENIC PETROLEUM
Article Abstract:
Beside OMV of Austria, Lukoil and Yukos of Russia are said to have submitted bids for Hellenic Petroleum. The Greek state is to reduce its stake in the company from 75% to 35%. According to the Greek paper Kathimerini, the offer of OMV is considerably lower than that of Lukoil and the Greek company Petrola Hellas. Backed by Lukoil, Petrola Hellas' subsidiary Paneuropean Oil and Industrial Holdings has reportedly submitted a bid for a 30% stake in Hellenic Petroleum. The bid is said to be worth between Sch 8bn and Sch 12bn.
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 2001
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Sidanko's overhaul gets underway as bankruptcy administatator is named
Article Abstract:
A Moscow court has appointed a temporary administrator to see to the restructuring of the Russian oil company, AO Sidanko. The move, under Russian bankruptcy law, is an embarrassment to BP Amoco PLC which has a 10% stake in Sidanko. BP Amoco has played down the danger to its Russian investment stating that the move is similar to Chapter 11 in the U.S.
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1999
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