Portugal’s national flag carrier TAP will be privatised, the Minister of Finance Maria Luís Albuquerque told parliament following the sale’s approval by the cabinet, Portuguese news agency Lusa reports.

Ms Albuquerque explained that the government decided on a two-step process, selling 66 percent of the company in the first phase and the rest on later date.

The Minister for Economy, António Pires de Lima, told reporters that the first phase is expected to be completed “by the end of the first quarter of 2015 or early in the second quarter”.

Mr Pires de Lima was quoted saying there are already three interested parties and a potential four bidder. He declined to identify potential bidders.

According to Lusa, interested parties include Spanish company Globalia, which has confirmed the interest in acquiring TAP.

There were also expressions of interest from Brazilian company Azul, and German Efromovich,

Portuguese entrepreneur Miguel Pais do Amaral is said to be partnering with Frank Lorenzo, the former owner and president of Continental Airlines, to prepare a bid, Lusa reported.

There were also expressions of interest from Brazilian company Azul, and businessman Gérman Efromovich, who presented the only bid for the airline when the government first attempted to sell TAP-Air Portugal.

TAP-Air Portugal currently has liabilities of approximately 1 billion euros (US$1.3 billion).