Greece Receives Significant Interest in Gas Privatization Plan

The Greek government reports that eleven companies submitted expressions of interest to participate in the sale of up to 35% of the Public Gas Corporation of Greece (DEPA). The majority of parties that expressed an interest are leading European gas companies, ENI, Gas Natural, Gaz de France, Gazprom and Ruhrgas. The other parties are the largest European power company, EdF, Italian power companies Enel and Edison, the international oil companies TotalFinaElf and Sonatrach and Greek gas company, Prometheus Gas.

Earlier this month, the Greek government formally launched the privatization process with the publication of an invitation to express an interest in the acquisition of up to 35% in DEPA with a deadline of 6pm on Monday 30 September.

Aristidis Vakirlis, Managing Director of DEPA, commented: "This list of prestigious energy companies underpins the strategic importance of the Greek gas market, as well as its high growth prospects. Any of these companies will facilitate the implementation of our strategic goals, that include integrating DEPA into the European energy market and establishing it as a major regional gas player."

The financial advisors involved in the transaction are J.P. Morgan plc, National Bank of Greece S.A., NBG International Limited, EFG Eurobank Ergasias S.A., EFG Telesis Finance S.A and KANTOR Management Consultants S.A. Dracopoulos & Vassalakis, White & Case are the legal advisors.