Greece Invites Bids for DEPA

Cash-strapped Greece has today invited bids for its state-owned gas company DEPA as part of a round of privatisation of national companies which aims to raise €19 billion by 2015. Bidding will close on the 22nd of March.

The document which sets out the invitation, which was published today, says that the Greek government is considering a "bundled" sale of the company to include the company's supply and trading arms, as well as DEPA's transport arm DESFA. The country is also considering an "unbundled" sale to include DESFA as a separate sale.

The sale of DEPA would give successful bidders a 50 per cent share of Greece's existing stake in the company, which currently stands at 68 per cent. The successful bidder would take a 34 per cent stake.

The move has already drawn interest from Russian giant Gazprom which yesterday met with the Greek government to discuss the sale. Deputy Chief Executive of Gazprom Alexander Medvedev met with Greek Minister for the Environment, Energy and Climate Change George Papaconstantinou in Athens, a statement from the ministry said. Also present at the meeting was the head of Gazprom and Greek Copelouzos group joint venture, Prometheus Gas, the statement said.

Gazprom and the minister discussed "the prospects of privatization of Greek energy companies DEPA and DESFA", a statement from Gazprom said.