Russia's Sintez Sees Potential in Greek Gas

January 17, 2013

companies especially, thus a new process is needed," Michaletos said.

Grigoriy Birg and Yuliya Boitovich from "Investkafe" observe that DEPA currently is contracted to supply gas to 193 Greek companies. Gazprom's acquisition of DEPA would enable the Russian monopolist to gain control over a vast gas infrastructure in Greece, in essence allowing it to control the country's gas market. At the same time, analysts predict that European economic recovery will be slow and that gas demand in the region will reach 567.5 billion cubic meters by 2015, which is only 3 percent higher than in 2011.

DEPA is a state-owned corporation that is involved in the distribution, supply, and sale of natural gas in Greece. Pipeline and LNG terminal operators DESFA S.A., EDA S.A., Attica EPA S.A. and a number of other companies are also under the control of DEPA. The Greek government owns 65% of the company and Hellenic Petroleum owns the remaining 35%. DEPA's total revenue in 2011 equaled 1.7 billion Euro, of which net profit totaled 191 million Euro. Gazprom delivers 90% of the gas used in Greece (2.9 bcm per year) and its current supply contract with Greece runs until 2016.

Editor’s note:

SINTEZ Group published the press release on 17 January, that its subsidiary Negusneft OJSC has been selected to advance to the final round in the privatization of Greece’s national gas company DEPA and gas grid operator DESFA. Our magazine will continue to watch further developments.

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