Italian energy company Snam, Enegas and Fluxys will buy a 66 percent stake in Greece's state natural gas operator company DESFA, according to Snam late Thursday.
The European consortium consisting of Snam, the majority shareholder with a 60 percent interest, together with Enagas and Fluxy each with a 20 percent share, confirmed it was awarded the tender arranged by the Greek Agency for privatization (TAIPED).
TAIPED accepted the offer of €535 million for 66 percent of DESFA's share capital from the consortium last week.
Discussions have started with a pool of Greek and international banks to secure a non-recourse financing package for the acquisition.
DESFA manages, under a regulated regime, a high-pressure transport network of approximately 1,500 kilometers, as well as the country's only regasification terminal at Revithoussa.
Snam, Enagas and Fluxys, which are all shareholders of the Trans Adriatic Pipeline project, will be able to boost the development of the Greek gas infrastructure system in the coming years. The consortium intends to fully realize the potential of Greece as a natural gas hub to further leverage the development of the domestic market as well as other transit initiatives.
Furthermore, 'the consortium will be able to transfer technical and operational capabilities to DESFA and develop new uses and sources of natural gas to make a crucial contribution to the country's emission reduction process,' according to Snam.
The signing of the acquisition agreements is subject to completion of further steps in the tender process and by local legislation on privatization.
The completion of the transaction is expected in the second half of the year, following the required authorizations, including antitrust clearance.
By Huseyin Erdogan
Anadolu Agency
energy@aa.com.tr