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    Greek Desfa Privatisation 'Back to Square One'


Greece's energy minister Giorgos Stathakis said January 10 that the state will retain a 51% stake in gas grid Desfa.

by: Mark Smedley

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Greek Desfa Privatisation 'Back to Square One'

As NGW reported was likely a month ago, Greece's energy minister Giorgos Stathakis said January 10 that the state will retain a 51% stake in Greek gas transmission and LNG terminal owner-operator Desfa.

The government's decision follows the collapse November 30 of the sale announced 2013 of a 66% Desfa stake to Azerbaijan's Socar for €400mn. The European Commission blocked the sale unless Socar surrendered at least 17% to a European firm such as Italy's Snam, but such plans fell through.

Desfa's LNG import terminal at Revithoussa, near Athens (Photo credit: Desfa)

Greek newspaper Ekathimerini has now reported that Stathakis January 10 informed the creditors of a new plan providing for the state to retain a 51% controlling Desfa stake, along similar lines to the recent sell-off of 24% of Greece's power grid operator. Ekathimerini said this meant the privatisation is back to square one, reversing what had been agreed with Greece’s creditors on a fast-track process. Its report can be read here.

Separately, Greek state power company PPC announced January 10 the appointment of Ioannis Kopanakis as its new chief corporate development officer. He was chief generation officer since 2009. His successor in that post is Dimitros Metikanis. Both have worked at PPC since the mid-1980s.