Greece: Bidders shortlist for DEPA Infrastructure to be revealed in June

, SEE Energy News

DEPA Infrastructure will be established as an entirely new company with its own tax file number, while DEPA Trade will succeed the existing DEPA utility. The privatization of DEPA Infrastructure, one of the entities emerging from the Public Gas Corporation (DEPA), is nearing its conclusion, despite setbacks caused by the coronavirus pandemic. All that remains is an announcement of the board members at DEPA Infrastructure, which is expected on the next week or two, followed by the shortlist of bidders in June.

The utility’s other division, DEPA International Projects will, for now, remain a subsidiary of DEPA Trade before it is broken away 60 days prior to the submission of bids for its parent company. Then, as the final step of its process, DEPA International Projects will be merged with EDEY, the Greek Hydrocarbon Management Company.

In late March, Greek privatization fund TAIPED said that it has received nine non-binding bids for the sale of a 65 % stake in DEPA Trade, natural gas supply company emerged from DEPA’s prior privatization split. Investors who have expressed an interest in acquiring the stake include: Shell Gas, Vitol Holding, Power Globe, MET Holding and C.G. Gas Limited of Greek Copelouzos group. The other bidders are a joint venture of Hellenic Petroleum (ELPE) and Italian Edison, a joint venture of Motor Oil and Public Power Corporation (PPC), industrial group Mytilineos and contractor GEK Terna. Oil refiner Hellenic Petroleum (ELPE) holds the remaining 35 % stake in the gas utility. The state and ELPE have agreed that if the company does not acquire the state’s 65 % stake, it will sell its remaining holding to the preferred investor, which will then own the whole company.