Greece will have a better idea how to privatize the Public Gas Corporation of Greece, Depa, by the end of the summer after it consults with its advisers, the country's development minister said in an interview published Tuesday in Italian daily Il Sole 24 Ore..
"We have given a mandate to legal and financial advisers and we are waiting for them to tell us by the end of the summer how to proceed with the privatization," Kostis Hatzidakis said
Depa's share capital amounts to EUR991.2 million - with 35% held by Hellenic Petroleum SA (ELPE.AT) and 65% by the Greek state respectively, including an option by Public Power Corp SA (PPC.AT) to acquire a 30% stake.
Hatzidakis also said the government was open to a bid by Italian energy company Edison (EDN.MI), which has a 50-50 joint venture with Depa for the offshore natural gas pipeline linking Greece and Italy -part of the Turkey-Greece-Italy interconnector that will bring Caspian gas to Europe.
"If Edison would make an offer we will look at it," he said.