ATHENS - On 10 June, Hellenic Republic Asset Development Fund (HRADF) announced that Azerbaijan’s state oil company SOCAR submitted its binding offer for the privatisation of 66% of the Hellenic Gas Transmission System Operator (DESFA).
However, HRADF has received no offers for the Public Gas Corporation (DEPA). Contrary to the Greek government’s expectations, Russian gas monopoly Gazprom did not submit a binding offer for DEPA before the deadline on 10 June.
Greece's Deputy Environment, Energy and Climate Change Minister Asimakis Papageorgiou hailed SOCAR’s offer for DESFA, telling reporters in Athens that it strengthens the link between a big natural gas supplier and Europe. “It turns the European Southern Gas Corridor into a reality which means that it increases to a large extent the chances of the selection of TAP [Trans Adriatic Pipeline] as part of the Southern Corridor”. He noted that if SOCAR’s offer for DESFA is satisfactory it would boost Greece’s geopolitical role in Southeast Europe, especially in terms of pipelines and gas transit. “Our target to create an energy hub in Greece has not changed over the last few years and that’s why we support TAP, a project that a year ago did not have much chances but our government took quick steps and now TAP has a 50-50 chance to be picked by the Azerbaijani consortium. And after today, if things proceed well with the SOCAR offer, we believe that the chances for TAP will increase a lot,” Papageorgiou said.
SOCAR is the only firm to place a binding offer for DESFA since Sintez withdrew its interest for the purchase of gas network operator. HRADF said on 10 June that its Board of Directors, during its next meeting, “will decide on the validity of the offer of SOCAR, taking into account the recommendation of its financial and legal advisors following which, it will proceed to the opening of the financial offer”.
Regarding DEPA, Papageorgiou said the privatisation will be “re-examined and re-launched” soon after the necessary steps are taken. He said that, given that Greece’s financial position has improved and there is no longer a threat for the country leaving the eurozone, he is confident that the sale will attract more bidders and better conditions. He noted, however, that Gazprom would be allowed to bid for DEPA again if it wanted to.
Surprisingly, Gazprom's only rival for DEPA M&M Gas, a joint venture by Greek energy firms Motor Oil and Mytilineos, also failed to submit a binding bid for DEPA.
Citing high level sources in Moscow, a Greek government official said Gazprom was concerned that the European Commission could have blocked or imposed stringent conditions on DEPA’s sale to the Russian gas giant.
But the European Commission said in a statement that there was no involvement of President José Manuel Barroso in the privatisation of DEPA.
Gazprom's Chief Executive Officer Alexei Miller had visited Athens three times in recent weeks for talks on DEPA.
Gazprom said in a statement on 10 June that it “didn't receive any sufficient guarantees that the financial standing of the DEPA company won't worsen by the time of the transaction end” and decided not to file the application for DEPA.
Later in the day, in a separate statement, Gazprom Deputy Chairman Alexander Medvedev said that his company considers Greece to be a “strategic partner” and plans to increase its presence in the Mediterranean country. Gazprom is already DEPA's main supplier, providing about 60% of its gas in 2012. Greece seeks lower prices from Gazprom since the country pays about 30% more than the EU average for the natural gas it imports from Russia.
In related news, asked by New Europe if Gazprom’s decision to abandon the southern branch of South Stream lessened the Russian gas giant’s interest in DEPA, the Greek government official reminded that Gazprom was not interested in Greece’s gas networks and therefore had not made a non-bidding bid for DESFA.
“Its announcement to postpone the southern branch of South Stream was made a while ago. I don’t think there is a direct connection,” he said, noting that maybe Gazprom has put greater emphasis on the northern branch of South Stream. “Anyhow the decision to implement the northern branch of South Stream, as Gazprom ENI and EDF have announced, is in the stage before the final investment decision,” he said.
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