The launch of a privatization procedure offering 100 percent of DEPA Trade, a new entity established by gas utility DEPA for the sale, is near, as long as the heightened tension in the Middle East does not lead to extreme events and turbulent market conditions.
Officials at privatization fund TAIPED and the energy ministry are aiming for a start before the end of January, while, according to some sources, the sale’s launch may take place at the end of next week.
The heightened tension in the Middle East is a concern for the organizers of this privatization as extreme developments could unsettle oil and gas markets to an extent that would render the current period unsuitable for the DEPA Trade sale. If so, officials may need to delay the sale’s launch.
TAIPED and Hellenic Petroleum (ELPE), holding a 35 percent stake in DEPA, are close to reaching an agreement on the sale process of this stake should ELPE not emerge as the sale’s winning bidder. The petroleum group intends to seek a full acquisition in the DEPA sale. The details of a clause requiring ELPE to sell its stake, if the group fails to submit the winning bid, are now being worked on.
The agreement between TAIPED and ELPE will need to be endorsed by the boards of both entities.