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    Sale of Greek Gas Supplier Attracts 9 Bids


The next phase of the tender will invite binding offers.

by: Joseph Murphy

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Sale of Greek Gas Supplier Attracts 9 Bids

Greece's state privatisation fund Taiped has collected nine, non-binding bids for a 65% stake in the country's main gas supplier Depa Commercial, the agency said on March 23.

Expressions of interest (EoIs) were received from Vitol Holding, Shell Gas, Power Globe, Mytilinaios, MET Holding, Gek Terna, C.G. Gas and two partnerships between Hellenic Petroleum and Edison International, and Motor Oil Hellas Corinth Refineries and PPC respectively. Taiped's advisors will evaluate the EoIs and recommend to the fund's board which candidates should be cleared for the next phase of the tender, when binding offers will be accepted.

The remaining 35% interest in Depa Commercial is held by Hellenic Petroleum, Greece's biggest refiner. Hellenic, which is 35% state-owned, has agreed to sell its stake in the gas supplier to the preferred investor, if its own bid for Taiped's share is not successful.

 Taiped invited EoIs in late January for Depa Commercial, which is involved in gas wholesale and retail sales, setting a deadline for submissions of March 6. The fund is also preparing to privatise Depa Infrastructure, the country's main gas distribution firm. It has also secured nine EoIs for that company.