Greek petroleum refineries company Hellenic Petroleum has received bids from two consortia for a 50.1 percent stake in the company.
One consortium includes Swiss commodity trading and mining company Glencore and U.S. private equity company Carlyle Group.
The companies will compete against Dutch energy and commodity trading company Vitol Group and Algerian hydrocarbon resources exploration company Sonatrach as qualified backers in the second phase of the tender process.
Based on Hellenic Petroleum’s current market capitalization, the transaction is anticipated to secure in over 1 billion euros ($1.1 billion).