Greece decides to proceed with new tender for DESFA

Greece decides to proceed with new tender for DESFA

Baku, Azerbaijan, March 29

By Leman Zeynalova – Trend:

The Board of Directors of Greece’s Hellenic Republic Asset Development Fund (HRADF) has decided to proceed with a new tender for DESFA natural gas grid operator, said the message on HRADF’s website.

The Governmental Council of Economic Policy (GCEP) made a decision on the following issues:

- HRADF decides to terminate the previous tender for the sale of DESFA’s 66 percent;

- HRADF decides to proceed with the sale of the 31 percent of DESFA shares, out of a total of 65 percent of shares held by HRADF, along with the 35 percent of DESFA shares held by HELPE (Hellenic Petroleum);

- the transfer of the remaining 34 percent of DESFA shares to Greek government;

- HRADF is authorized to arrange, decide and implement the new tender process for the sale of DESFA’s 66 percent.


HRADF’s Board of Directors decided on March 16 to terminate the previous tender for sale of DESFA’s 66 percent and the initiate within March 2017 a new tender process to appoint financial advisors who will assist HRADF in the arrangement and implementation of the new tender.

Azerbaijan’s state oil company SOCAR won a tender in 2013 on the purchase of a 66-percent stake in DESFA for 400 million euros.

SOCAR intended to obtain a 31-percent stake from the Greek government and to buy a 35-percent stake in Hellenic Petroleum.

It was expected that the deal will be closed only after the purchase of at least a 17-percent stake out of SOCAR’s 66-percent by Italy’s Snam.

SOCAR, Snam and Greek government have been holding intensive talks against the background of changes in legislation that affected DESFA’s financial position and market value.

However, the parties were unable to reach an understanding and consequently, the deal was terminated Nov. 30.

---

Follow the author on Twitter: @Lyaman_Zeyn

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