The Hellenic Republic Asset Development Fund (HRADF) and Hellenic Petroleum (HELPE) have shortlisted two investment schemes for the next phase of the tender process for the acquisition of 66% of the Hellenic Gas Transmission System Operator S.A.’s (DESFA) share capital.

The privatization program involves again the sale of a 31% equity stake owned by HRADF and a 35% stake owned by HELPE. 

The bidders shortlisted are:

• a consortium composed of Snam S.p.A./ Enagás Internacional S.L.U./ Fluxys S.A./ N.V. Nederlandse Gasunie
• Regasificadora del Noroeste S.A.

As we reported, another four bidders expressed interest to acquire the stake in August: Macquarie Infrastructure and Real Assets (Europe) Limited; Transgaz S.A. and GRTgaz S.A.; Integrated Utility Services Inc. (INTUS); and Powerglobe LLC.

The Hellenic Gas Transmission System Operator S.A. (DESFA) was established in 2007, as a 100% subsidiary of DEPA S.A as part of the liberalization of the gas market. DESFA owns, operates, maintains, manages, exploits and develops the National Natural Gas System (NNGS) and the LNG terminal located in Revythoussa island.

This is the second tender process launched for the privatization of DESFA. The previous tender declared as preferred bidder the Azerbaijani company SOCAR. The completion of the transaction was contingent mainly on the approval of the competent national and EU authorities. In November 2016 SOCAR withdrew from the tender process.

HRADF decided to terminate this tender and proceed with a new tender. The new privatization program involves again the sale of a 31% equity stake owned by HRADF and a 35% stake owned by Hellenic Petroleum (HELPE).