DEPA

The sell-off of Public Gas Corporation (DEPA) is stuck in limbo ahead of the completion of the privatization of Hellenic Petroleum (ELPE) and the finalization of the deal for DEPA to buy Shell's stake in the Attica Gas Corporation.

Greece's biggest gas company DEPA said on Wednesday it had agreed to sell its holding in a local gas supplier to Italy's Eni for 57 million euros.

Under the agreement, state-controlled DEPA will sell its 51 percent stake in Thessaloniki-Thessaly Gas.

Eni already holds a 49 percent stake in that company.

[Reuters]

Greece on Wednesday presented an alternative proposal to privatize its gas utility DEPA to its international lenders, hoping to reach an agreement later this week, its energy minister said.

The privatization of energy firms is entering the final stage and is expected to bring radical changes to the landscape in the local market.

Sources familiar with the privatization of natural gas network operator DESFA expect the deal for the sale of a 66 percent stake in the company to close by the end of February or early March.

The timetable for the completion of the three privatizations in the energy sector, which has just been agreed with the country's creditors, provides for the process for Hellenic Petroleum (ELPE) and Public Gas Corporation (DEPA) getting under way in March 2018 and that for the sale of 17 percent of Public Power Corporation (PPC) starting in June.

Shell's plans for disengagement from Attica Gas Corporation (EPA Attikis) are hampering the government in its negotiations with the country's creditors on the position of Public Gas Corporation (DEPA) in the natural gas retail market.

Greece's state-controlled natural gas firm DEPA signed a cooperation agreement on Thursday with natural gas company Gastrade to participate in the development of a liquefied natural gas terminal in northern Greece, DEPA said.

Greece currently has one LNG terminal on Revythousa, an islet off Athens.

The huge gap between the positions of the government and the creditors' technical staff on the issue of the Public Gas Corporation (DEPA) and its retail activity will have to be resolved at the political level, according to sources.

Greece opened expressions of interest on Friday for hiring consultants on utilizing the state shares in seven major companies, including utility Public Power Corporation and Athens International Airport.