The future of gas company DEPA Commercial, whose privatization of the state’s 65 percent stake was postponed about a month ago, needs to be clarified in the immediate future, within the next three to six months, Andreas Siamisiis, chief executive of the Helleniq Energy group, holding a 35 percent stake in the gas company, has noted.

DEPA Commercial is currently developing business interests that directly compete against those of Helleniq Energy. These interests include participation in new gas-fueled power stations, both in Greece and abroad.

Subsequently, the current status, under which Helleniq Energy holds a 35 percent in DEPA Commercial, cannot be maintained. Helleniq Energy will need to sell its stake in the gas company, possibly to the Greek State or a third party.

Greek privatization fund TAIPED postponed its sale of DEPA Commercial until the company’s business plan, which includes an expansion strategy, begins reaping rewards, effectively meaning that no further steps concerning the company’s sale should be expected before late 2024 or early 2025.

As for Helleniq Energy, the company intends, in 2024, to intensify its efforts in the Bulgarian RES market, especially photovoltaics.

Helleniq Energy currently holds a 360-MW portfolio of RES projects in operation, along with projects at advanced stages of development, which, once launched, promise to boost the group’s total RES capacity to 1 GW over the next 18 months.

Besides its interests in renewables, Helleniq Energy is monitoring the sale process of Russian multinational energy corporation Lukoil’s refinery in Bulgaria. It is the only refinery in the neighboring country.

Although a Helleniq Energy move to acquire this refinery is hard to imagine, as it would run contrary to the group’s transformation plan, it cannot be ruled out as any new buyer might be interested in exporting fuel to Greece. Helleniq Energy may choose to buy the Lukoil refinery to block further competition in the Greek market.

Whatever the outcome, Helleniq Energy would not be prepared to spend big on such an acquisition.