Greek Government to Privatize the Public Gas Corporation S.A.Business Editors & Energy Writers ATHENS--(BUSINESS WIRE)--Sept. 2, 2002 The Greek Government today announced that it is to privatise the Public Gas Corporation S.A. (DEPA DEPA Danish Environmental Protection Agency DEPA Distributed Enhanced Processing Architecture DEPA Defense Electric Power Administration (US Department of Energy; 1950-53) DEPA Dynamic Elastic Properties Analyzer ) through a strategic sale of up to a 35% equity holding in the company. DEPA, the leading Greek natural gas transportation and wholesale supply company, is expected to attract widespread interest from a range of major energy companies given the overall high growth rate expected in the Greek energy sector. Aristidis Vakerlis, Managing Director of DEPA made the following comment regarding the decision of the Greek government: "I am delighted at this decision that underpins further the commitment of the Greek government to promote gas as a priority fuel source. It enables DEPA to enhance its rapid development and further establish the company as a major regional player, benefiting from plans to interconnect the Greek transmission system with those of Turkey and Italy ". The company's strategic goals include strengthening its position in the wider Balkan region, transiting natural gas from the Caspian region to Europe, diversifying its suppliers of natural gas, facilitating its integration into European energy markets, and promoting further liberalisation n. 1. Same as liberalization. Noun 1. liberalisation - the act of making less strict liberalization, relaxation alleviation, easement, easing, relief - the act of reducing something unpleasant (as pain or annoyance); "he asked the nurse of the Greek gas sector. DEPA's transportation system including the Revythoussa LNG LNG (liquefied natural gas): see under natural gas. terminal is recognised as one of the most technologically advanced in Europe. Following the transaction, the successful tender will become party to a shareholders agreement conferring significant management influence over the company. The Greek government currently owns 65% of DEPA's capital and Hellenic Petroleum Hellenic Petroleum S.A. is the largest oil refining company in Greece and with its roots dating to 1958 with the establishment of the first oil refinery in Greece (Aspropyrgos). It adopted its current name in 1998, changing from the Public Petroleum Corporation S.A. S.A. currently holds the remaining 35%. The financial advisors involved in the transaction are J.P. Morgan plc, National Bank of Greece The National Bank of Greece (NBG; Greek: Εθνική Τράπεζα της Ελλάδος S.A., NBG NBG National Bank of Greece NBG Nederlands Bijbelgenootschap NBG National Bank of Georgia NBG Need Before Greed (Everquest game slang) NBG National Bicycle Greenway NBG Naval Beach Group NBG Natural Born Gamers International Limited, EFG EFG Electric Field Gradient EFG Edge-defined Film-fed Growth EFG European Financial Group EFG European Federation of Geologists EFG Egyptian Financial Group EFG Epic Fail Guy EFG Earth Federation Government (Mobile Suit Gundam) Eurobank Ergasias S.A., EFG Telesis Finance S.A. and KANTOR Management Consultants S.A. Dracopoulos & Vassalakis, White & Case are the legal advisors. |
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