Shell sells Attica Gas stake to DEPA

Shell sells Attica Gas stake to DEPA

The deal for the transfer of a 49 percent stake in Attica Gas Corporation from Shell to Public Gas Corporation (DEPA) was finally signed on Friday. The price that will be paid is 150 million euros.

However, DEPA stressed in a statement that the completion of the transaction is pending the necessary approvals by the competent authorities, adding that the details will be submitted to the Competition Commission next week.

At this stage it will be interesting to see whether there is any kind of reaction from Motor Oil, which had submitted a memorandum of objections to the watchdog before the DEPA-Shell deal was completed.

Upon completion of the transaction, DEPA will become the sole stakeholder in Attica Gas. In contrast, DEPA is expected to depart completely from Thessaloniki-Thessalia Gas once its agreement for the concession of its 51 percent stake to Italy’s ENI is cleared by the competition regulator.

“Today’s agreement constitutes a significant development for DEPA as well as for the energy sector of the country,” the chairman of Public Gas Corporation, Velissarios Dotsis, commented on Friday.

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