Tender for DESFA to be announced before June 23

Tender for DESFA to be announced before June 23

Baku, Azerbaijan, June 21

By Leman Zeynalova – Trend:

The new tender for privatization of Greek DESFA gas grid operator is expected to be announced before June 23, Greek media reported.

The new tender for DESFA will be carried out in three phases. The first phase envisages expression of interest by companies; in the second phase, which is scheduled for mid-July, interested companies will submit non-binding offers, while in the third phase, which is due in late autumn, the bidders will submit binding offers.

The bids will be reviewed in November and the privatization of DESFA will be completed by end of 2017.

To date, the following companies have expressed interest in participation in the tender: Belgian Fluxys, Italian Snam, Dutch Gasunie, Spanish Enagas, Romanian Transgaz, as well as new players like the French GRTgas, SFPI and Marguerite funds.

In the new tender will be able to take part investors from third countries, but in partnership with the European Gas Transmission System Operator.

The new tender to be conducted by Greece's privatization agency HRADF envisages sale of 66 percent of the gas grid operator.

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.

The Azerbaijani company 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.

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Follow the author on Twitter: @Lyaman_Zeyn

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