Gazprom and Sintez to buy DEPA

Gazprom and Sintez (both Russian) may be the only companies willing to buy DEPA (Greece) for 1.5 billion euro, an essential sum in the light of economic recession.

The EU and US may express disappointment over the purchase. Scrapping of privatization may result in freezing of aid from the three largest creditors.

Greece is privatizing DEPA and its subsidiary DESFA (operator of the Hellenic Gas Transmission System Operator S. A.). According to the third energy package passed by the EU, one company will no longer be allowed to own both gas transportation network and gas in spring 2013.

The State Oil Company of the Azerbaijani Republic (SOCAR) is the only competitor of Russia. Offers of Edison, АЕМ and ENI (Italy), Sonatrach (Algeria), Gaz Natural and Enagas (Spain), Israel Corp., Mitsui (Japan), Vopak (Netherlands), ENN (China), CEZ (Czech Republic) and M&M (Greece) were not considered sufficient.

Adapted from: Vestnik Kavkaza