BUSINESS

Greece allows virtual bids in gas utility DEPA sale

TAGS: Energy, Privatizations

Greece on Thursday gave investors the option of submitting their interest in a majority stake in the wholesale and retail business of its biggest gas utility electronically to facilitate the process in view of the coronavirus outbreak.

Greece is selling its 65 percent stake in DEPA Commercial in line with a post-bailout agreement with its lenders to open up the gas market.

Interested investors were previously required to submit their non-binding bids for DEPA Commercial in hard copy either in person or by post by March 23.

Because of the novel virus, initial bids and the related documents for DEPA Commercial can be submitted via e-mail as well by the same date, the privatisation agency said on Thursday.

Investors who opt for this process will then have to send the necessary documents to the agency by person or by mail by April 24, it said.

Hellenic Petroleum, Greece’s biggest oil refiner, holds the remaining 35 percent stake in DEPA Commercial. The preferred investor will also have the right to acquire Hellenic’s stake in DEPA Commercial under the terms of the tender. 

[Reuters]

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