Quest for DEPA investor in three months’ time
The State will launch a competition in the next three months for a strategic investor for DEPA, the government-owned natural gas company, Development Minister Akis Tsochadzopoulos said yesterday. He said the privatization advisor is currently drawing up proposals for DEPA’s sell-off, including the percentage to be offered to the prospective ally.Referring to oil refiner Hellenic Petroleum’s option to expand its current 35-percent stake in DEPA to 100 percent by 2013, the minister said that nothing has been decided yet, although «Hellenic Petroleum’s further participation in DEPA may not be the right choice» given the dissimilarity between the oil and energy markets. The oil refiner’s option in DEPA proved to be an apple of discord between the government and former Managing Director Eleftherios Tzellas, with the latter refusing to repeal the option. He resigned late last year. Electricity utility Public Power Corporation has long expressed its wish to take up a stake in DEPA, a prospect which, according to Tsochadzopoulos, is «a positive move.» The minister said privatization advisor UBS Warburg is presently going through the joint bid submitted by the consortium of the Latsis Group and Russia’s Lukoil for a 23-percent stake in Hellenic Petroleum. It is now evaluating the technical part and will move to the financial offer next week. «We should be able to make public the findings in 15 days,» he said. DRY CARGO
