Nine international energy groups have shown interest in acquiring a stake of up to 35 percent in Greece’s state-owned natural gas monopoly DEPA. Plans to privatise the company have drawn the interest of Gas de France, Spain’s Gas Natural, Ruhr Gas of Germany, France’s Elf/Fina/Total, Eni and Enel of Italy, Russia’s Gazprom, Edison of the USA and Algeria’s Sonatrach.
The Greek government plans to open the tender for binding offers early next year. It hopes to gain a strategic partner that will help the gas company strengthen its position in the Balkans and in the European energy markets.
At present DEPA is 65-percent owned by the state and 35-percent owned by state-controlled oil refiner Hellenic Petroleum. The stake up for sale will consist of the state’s shares and possibly partly of new shares issued by the company. The company’s nominal share capital is in excess of 990 million euros.
DEPA has exclusive rights to import natural gas and to sell it to large industrial consumers. It sells gas directly to the Public Power Corporation and regional gas suppliers, as well as commercial customers.
Greece has no natural reserves of natural gas but imports from Russia via a pipeline system and in liquefied form from Algeria in tankers.
The natural gas market in Greece is relatively immature- the first gas entered the country in 1996 - but it is poised for substantial growth. Two consortia that won tenders to distribute natural gas are in the process of setting up networks in Athens and Thessaloniki that will begin to supply private households.
S.D.