A European consortium headed by Snam has reached a €535m deal to acquire a 66% interest in Greek natural gas transmission system operator DESFA.
The agreements for the acquisition were signed with the Hellenic Republic Asset Development Fund (HRADF) and Greek oil refining firm Hellenic Petroleum.
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Other participants in the consortium include Spain’s Enagas and Belgium’s Fluxys.
The signing comes after the consortium secured the tender for the privatisation of DESFA in April this year and authorisations received from the European Commission and the Hellenic Court of Audit.
Snam CEO Marco Alverà said: “Snam is ready to work with its partners to accelerate the growth of DESFA and the development of Greece’s infrastructure so that the country can have a key role in the realisation of an increasingly integrated, secure and sustainable European energy system, which will benefit Greek and European consumers.”
DESFA owns and operates a 1,500km network that transports gas from the Greek-Bulgarian and Greek-Turkish borders to consumers in continental Greece.
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By GlobalDataThe company also operates a liquefied natural gas (LNG) regasification terminal at Revithoussa.
Fluxys managing director and CEO Pascal De Buck said: “Fluxys, together with its partners Snam and Enagás, is willing to boost the development of the Greek gas infrastructure system in the coming years, fully realising the potential of Greece as a natural gas hub.
“Furthermore, our consortium will be able to transfer technical and operational capabilities to DESFA, to develop new uses of gas such as compressed natural gas for cars, LNG for heavy-duty vehicles and ships, and to introduce renewable gasses such as biomethane in order to drastically reduce the country’s emission of both harmful pollutants and greenhouse gases.”
The transaction is subject to certain conditions and is expected to close by the end of this year.
The consortium will work towards the development of the domestic market and promote new sources of natural gas in a bid to contribute to the country’s emission reduction process.
