DEPA shape almost set, issues remain on FSRU, Int’l projects

Gas utility DEPA’s restructured look ahead of its privatization is detailed in an energy sector draft bill to be discussed by the Ministerial Council at a meeting scheduled for tomorrow.

The sale of the Greek State’s entire stakes in two new entities to emerge from DEPA’s planned split into DEPA Trade and DEPA Infrastructure is now considered a certainty.

However, two key issues remain unresolved. The government has yet to decide on whether DEPA’s planned 20 percent buy into Alexandroupoli FSRU, considered most likely, will end up with DEPA Trade. This ambiguity also applies for the project’s capacity reservation to be made by the utility. DEPA’s anticipated 20 percent stake in the Alexandroupoli FSRU could be attached to DEPA Infrastructure and the capacity reservation to DEPA Trade.

The addition of a 20 percent stake of the Alexandroupoli FSRU to DEPA Trade promises to boost the corporate entity’s value in the upcoming privatization.

The second major issue at DEPA concerns the corporate placement of the utility’s international projects. They could end up becoming part of an existing state company, such as EDEY, the Greek Hydrocarbon Management Company, or a new company. The latter option is likeliest, as an EDEY attachment carries various complexities, sources informed.