ECONOMY

Greece to launch sale of gas distribution network, sources say

greece-to-launch-sale-of-gas-distribution-network-sources-say

Greece is expected to launch the sale of state-controlled gas distribution network DEPA Infrastructure imminently, two sources close to the sale said on Monday.

The country, which emerged from its third international bailout last year, has agreed to sell gas utility DEPA under an agreement with its European lenders and the International Monetary Fund to help open up the gas market.

Parliament last month passed legislation to break up DEPA, paving the way for the sale of the state’s 65 percent stakes in DEPA Infrastructure and gas supply company DEPA Commercial.

Hellenic Petroleum holds the remaining 35 percent of both companies and has signaled it could divest its holding in DEPA Infrastructure.

The invitation for expressions of interest in DEPA Infrastructure is likely to be announced later on Monday, one of the sources told Reuters, adding that the state and Hellenic Petroleum would both put their stakes up for sale.

The second source said the tender was expected to launch this week.

Meanwhile, the tender process for the state’s 65 percent stake in DEPA Commercial was likely to kick off in January, the two sources said.

[Reuters]