Greece: Investors eye stake in TSO and Gas operator

21. June 2016. / SEE Energy News

Greek Minister of Energy Panos Skourletis said that the interest of potential strategic investors for a stake in electricity transmission system operator ADMIE is increasing and more contacts are being made.

Minister Skourletis explained that investors are showing interest in ADMIE’s earning potential, as well as the opportunities for the development of energy infrastructure in the region. The current plan for privatization of ADMIE envisages that 51 % of the shares will be transferred from power utility PPC to the Greek state by the end of June, following by listing of some 25 % of the shares on the stock exchange, while the remaining shares will be sold to strategic investor. Skourletis believes that the prospect of the sale of between 20 and 24 % of ADMIE’s shares to strategic investor is very high at the moment.

According to the agreement with the country’s creditors, Greece was obliged to sell 20-25 % package in ADMIE by the end of October 2016, but the deadline has been recently postponed to the end of November this year.

Regarding the sale of natural gas transmission system operator DESFA, Minister Skourletis noted that the number of European-based investors interested in acquiring a stake in DESFA has increased compared to those who were interested in the initial sale of 66 % stake in the company, adding that he believes that the sale should be completed by the end of 2016.

In December 2013, State Oil Company of Azerbaijan (SOCAR) has won a tender for the purchase of 66 % stake in Greek DESFA for 400 million euros. However, the European Commission found that this deal is not in compliance with the EU regulations, so SOCAR has to allow another EU company or companies to acquire a total of 17 % shares in DESFA in order to complete the deal. In order to complete the sale of 49 % of DESFA’s shares to SOCAR, Greece has to sell additional 17 % of the shares to a company from the European Union, while SOCAR also has a say in the selection of the new shareholder, transmits Serbia-energy.eu

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