ELPE still awaiting new bid for DESFA

Hellenic Petroleum’s general meeting decided on Thursday to extend the memorandum with state sell-off fund TAIPED for the joint sale of shares in gas companies DEPA and DESFA to September, with developments in the sale of network operator DESFA anticipated next week.

Regarding the expected agreement for the transfer of a controlling stake in DESFA to Azeri state company Socar, Hellenic Petroleum (ELPE) chief executive officer Yiannis Costopoulos stated on Thursday that the company, which holds a 35 percent stake in DESFA, is still awaiting the revised offer so that it can examine and approve it.

Friday’s formal announcement by Baku in favor of the Trans Adriatic Pipeline (TAP) will likely be a catalyst for developments at DESFA.