The European consortium consisting of Snam, Enagás and Fluxys has been awarded a tender for the acquisition of 66% stake in DESFA, a natural gas transmission system operator in Greece, for €535m.
Snam has 60% stake in the consortium while Enagás and Fluxys own 20% stakes each.
The Greek Agency for privatization (TAIPED) has accepted the offer made by the consortium to acquire stake in DESFA.
The second offer for the acquisition of stake in DESFA was made by another consortium comprising Spain’s Regasificadora del Noroeste, Reganosa Asset Investments, Romania’s Transgaz and European Bank for Reconstruction and Development (EBRD).
Under a regulated regime, DESFA manages a high pressure transport network of approximately 1,500km, as well as a regasification terminal at Revithoussa.
Fluxys said in a statement: “Snam, Enagás and Fluxys, shareholders of the TAP project, will be able to boost the development of the Greek gas infrastructure system in the coming years, fully realizing the potential of Greece as a natural gas hub, which will 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 (such as methane for transport and biomethane) to make a crucial contribution to the country’s emission reduction process.”
Fluxys noted that Greece could represent an important crossroads for the diversification of supplies and new natural gas routes in Europe.
The consortium expects to sign agreements for the acquisition upon completion of the further steps as per the tender procedure and by local legislation on privatization.
The transaction is expected to be closed in the second half of the year subject to authorizations including antitrust clearance.