December 26, 2014 10:20 AM ET

Gas Utilities

Company Overview of Public Gas Corporation S.A.

Company Overview

Public Gas Corporation S.A., together with its subsidiaries, engages in the import, transmission, distribution, and sale of natural gas in Greece. The company, through its subsidiary, DESFA S.A., also operates as the manager of the national system of transmission of natural gas. Public Gas Corporation S.A. was founded in 1988 and is based in Athens, Greece.

92 Marinou Antipa Avenue

37 Papaioannou Street

Iraklio Attikis

Athens,  141 21

Greece

Founded in 1988

Phone:

30 210 27 01 000

Fax:

30 210 27 01 010

Key Executives for Public Gas Corporation S.A.

Division Head of Finance & Administration
Vice Chairman and Deputy Chief Executive Officer
Division Head of Technical Projects
Division Head of International Projects
Division Head of Portfolio – Risk Management & Trading
Compensation as of Fiscal Year 2014.

Public Gas Corporation S.A. Key Developments

Greece Government To Privatize Public Gas Corporation

Government is planning to start the privatization of Public Gas Corporation S.A. (DEPA) in 2014 to end in 2015, Simos Kedikoglou, spokesperson of government said. Open Joint Stock Company Gazprom (MICEX:GAZP) might bid in the tender again. The first tender ended in the summer 2013 and proved a failure. "All procedures for getting approvals and formalizing the acquisition of DEPA after the results of the tender are announced may take about a year. The company is already experiencing serious problems with non-payments by consumers, it is heading for restructuring to spin off DESFA, and the bidders were given no guarantees that public regulation of DEPA would not deteriorate. All this creates significant risks that affect the company’s value, while the price of the deal is to be fixed now without taking all these factors into account," Kupriyanov said. Valentina Matviyenko, Chairperson of the Federation Council, upper house of Russian parliament, said, "If the terms being discussed are used as the basis for a new tender to privatize DEPA, Gazprom is ready to participate in it. Gazprom is interested in the DEPA privatization, but the terms proposed were unacceptable and the approval of new terms - the Greek government understood that the changes to be made were fair but ran out of time before they could be formalized."

Gazprom To Bid For DEPA Privatization Tender

Open Joint Stock Company Gazprom (MICEX:GAZP) is ready to bid in Public Gas Corporation S.A.( DEPA) privatization tender again, Valentina Matviyenko, Chairperson of the Federation Council, upper house of Russian parliament, said. "If the terms being discussed are used as the basis for a new tender to privatise DEPA, Gazprom is ready to participate in it," she said. Matviyenko confirmed that Russia is interested in investing in Greece and participating in its privatization processes."Gazprom is interested in the DEPA privatization, but the terms proposed were unacceptable and the approval of new terms - the Greek government understood that the changes to be made were fair but ran out of time before they could be formalized," she said. The international tender to sell DEPA failed in June 2013, following Gazprom's refusal to submit a binding financial offer.

DEPA Privatization Slated For First Half Of 2014

Greece plans to divest Public Gas Corporation S.A. (DEPA) in the first half of 2014, this could delay sale of Hellenic Petroleum SA (ATSE:ELPE); an official of the privatization agency said. No bids were revived for DEPA in June 2013. The offical stated: "The DEPA privatization will take place in the first half of 2014 and this delay is likely to push back the Hellenic Petroleum sale," said the official who requested anonymity. Since the DEPA sale failed ... we have asked ... to transfer €1 billion from our revenue targets to 2014." Privatization of Hellenic Petroleum, which owns 35% stake in DEPA, was planned for the last quarter of 2013.

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