Greece’s Public Natural Gas Corporation restructuring which involves practically the split of the company into two separate entities is seen delaying.
Under the European Union directive, DEPA will establish a wholly-owned subsidiary called DESFA which will be exclusively responsible for the company’s transmission operation. DEPA will pass its infrastructure to DESFA along with some 210 workers out of its total workforce of 350, according to a senior DEPA official. The parent company will keep the trading and in some cases the distribution operations.
“The necessary legal and bureaucratic procedures have not been completed yet so the deadline of Jan 1 will not be met,” a senior DEPA official said.
DESFA will remain for 10 years under the state’s control while the company’s management will be appointed by the Development Ministry.
The official sees the split to come into effect sometime in the first quarter of 2007.