Greece’s Minister of Environment and Energy plans to sell the entire 65% state participation in gas utility DEPA. A legislative amendment is expected to be submitted to Greek Parliament at the end of October 2019.
The Greek State would offer buyers majority stakes in both the utility’s trading and distribution divisions. The previous government passed a bill which breakdown DEPA operations in two, with the objective of selling a 50.1% stake in its commercial entity and a 14% stake in its distribution venture.
The former national oil company Hellenic Petroleum (35.5% public), which holds a 35% stake in DEPA, stated it would seek a majority stake of the gas utility. The Mytilineos and Copelouzos groups have also said they were interested.
In 2018, the Greek privatization agency sold a 66% stake in the gas transmission network operator DESFA for €535m to a consortium comprising the Italian gas transmission system operator (TSO) Snam (60%) and its Spanish and Belgian counterparts Enagas (20%) and Fluxys (20%).
The State has failed several times to privatise 35% of the capital of DEPA: a first time in 2003 (Gas Natural withdrew its offer due to a lack of guarantees on the future organisation of the Greek gas market) and a second time in 2013 (Gazprom retired its €900m bid).