Czech EPH Says Not Buying Slovak Gas Firm For Russians

August 30, 2011
CEO and co-owner of the energy holding Energeticky a prumyslovy holding (EPH), Daniel Kretinsky, claims his company’s prospective purchase of a 49 percent stake in Slovak gas major Slovensky plynarensky priemysel (SPP) would be a long-term strategic investment. “We’re not preparing this acquisition for anyone else including [any] Russian gas companies,” Kretinsky said in an interview with Czech Position.  

Speculation has emerged in energy circles that EPH —owned by PPF Group with a 40 percent stake, J&T - 40 percent, and Daniel Kretinsky - 20 percent — is looking to buy a 49 percent stake in SPP which is currently owned by E.ON Ruhrgas and Gaz de France Suez with the intention of selling it on to Gazprom or another Russian gas company for a considerable profit.

“EPH has all the characteristics of a strategic specialized investor and our presence in the energy sector is long-term and systematic. European players already consider us to be a standard energy company. We have repeatedly demonstrated that we understand the responsibility that doing business in the energy sector carries. Our approach towards our customers is conservative and we’re about long-term sustainability of our business,” Kretinsky told Czech Position. Nevertheless, he refused to comment about the details of the prospective deal to buy SPP.

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