DEPA may privatize 90 percent of shares

Oil&Gas Materials 15 July 2011 18:14 (UTC +04:00)

Azerbaijan, Baku, July 15 / Trend A. Badalova /

Several companies have shown an interest in buying equity in DEPA, head of Greek company DEPA Gary Sachinis said at a press conference in Baku.

He said that the company plans to privatize at least 55 and maximum 90

percent of its shares.

One company and a consortium of several companies may act as a buyer.

The share will be sold to the side offering the best price. Today, the state's share in the company amounts to 65 percent. After the privatization, the state is likely to preserve 10 percent of its shares. The share in The Hellenic Petroleum SA company can also be put
up for sale, Sachinis said.

The formal privatization process of Greece's DEPA will be launched this summer. The privatization will complete in late 2011. The Greek government approved the program of privatization on May 23. It should bring 50 billion euros into the treasury of the country until 2015.

The adoption of this program is one of the conditions of international donors (EU and IMF) for further credit support.