July 13, 2018, 15:43 IST
Athens: Greece's state-controlled DEPA gas company will buy out Shell's 49 per cent stake in a domestic gas supplier, Attiki Gas Supply Company, and a gas distributor in Athens and become the sole stakeholder in the two companies, it said on Friday.
The deal between DEPA and Shell, which was signed on Friday, is worth 150 million euros ($174.45 million) and is part of a scheme under Greece's latest international bailout which says that Athens needs to eliminate potential conflicts of interest between DEPA and domestic gas suppliers.
DEPA is 65 per cent owned by the state.
MAY 16, 2018 / 5:51 PM
ATHENS (Reuters) - Greece’s biggest gas company DEPA said on Wednesday it had agreed to sell its holding in a local gas supplier to Italy’s Eni (ENI.MI) for 57 million euros ($67 million).
Under the agreement, state-controlled DEPA will sell its 51 percent stake in Thessaloniki-Thessaly Gas. Eni already holds a 49 percent stake in that company.
Under a bailout-sanctioned scheme to unbundle gas supply from distribution and boost competition in the industry, Greece needs to eliminate potential conflicts of interest between DEPA and domestic gas suppliers.
DEPA will stay in the broader Athens region but will pull out of the rest of Greece.
DEPA is also in talks to buy out Shell’s (RDSa.L) 49 percent stake in another gas supplier, Attiki Gas Supply Company, and a gas distributor in Athens and become the sole stakeholder in the two companies, sources close to the matter told Reuters.
One of the sources said the deal could be worth about 150 million euros.
