Gazprom in Talks to Buy Greek Gas Monopoly

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Russian gas giant Gazprom may buy stakes in Greece's DEPA gas monopoly and its transport branch DESFA to provide direct supplies to European consumers, Vedomosti business daily newspaper reported on Wednesday.

Russian gas giant Gazprom may buy stakes in Greece's DEPA gas monopoly and its transport branch DESFA to provide direct supplies to European consumers, Vedomosti business daily newspaper reported on Wednesday.

The Greek government planned to sell 55 percent of DEPA and 31 percent of DESFA in the fourth quarter of 2011 but privatization slowed down due to provisions of the EU Third Energy Package, which requires the separation of energy production, transportation and sales.

Gazprom and DEPA declined to comment on the paper.

Nomos-Bank analyst Denis Borisov considers the two Greek companies may cost from $1.5 billion to $2 billion but the price is likely to be lower taking into account the current debt problems of the country.

The Russian Prime Minister's spokesman Dmitry Peskov told the paper that Gazprom would buy assets in Greece only if was profitable for the company. "There could not be any political reasons," Peskov added.

Borisov also said that another reason for Gazprom to buy the gas firms was Greece's participation in the South Stream gas pipeline project intended to carry Russian natural gas to Europe, bypassing transit countries such as Ukraine and Belarus.

 

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