DEPA splitting next month

DEPA splitting next month

The management of the Public Gas Corporation (DEPA) will enlist foreign consultants to help implement its plans to split the company into two – as part of the process of its privatization – reports said Friday.

According to the deal with Greece’s creditors for DEPA’s sell-off, the company will be split into two – DEPA Infrastructure, which will have all of the country’s networks and international projects, and a commercial part.

The aim is for the split to happen by the end of September so that it can be ratified in Parliament in October.

The state will control a 41 percent stake in DEPA Infrastructure and there will be an option for the sale of a 14 percent stake from the the state’s holding to a third party.

A subsidiary company will also be formed which will control all of DEPA’s stakes in international projects (in the IGB, EastMed and ITGI pipelines, the Alexandroupoli Floating Storage Regasification Unit and others).

Moreover, the state will sell 50.1 percent of its shares in the commercial part of the company and will only retain a 14.9 percent stake.

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