ELPE, DEPA, PPC stakes to be sold in 2018

The timetable for the completion of the three privatizations in the energy sector, which has just been agreed with the country’s creditors, provides for the process for Hellenic Petroleum (ELPE) and Public Gas Corporation (DEPA) getting under way in March 2018 and that for the sale of 17 percent of Public Power Corporation (PPC) starting in June.

The deal also provides for the preferred privatization models for ELPE and PPC that the consultants hired by state sell-off fund TAIPED should take into account.

The target for ELPE remains the concession of a 35 percent stake, but there is also the option of selling a smaller stake for the same amount of money. This provision opens the door to the sale of a stake controlled by the Latsis Group via Paneuropean Oil so that the strategic investor obtains a 51 percent holding plus the management that is currently in the hands of the state and Paneuropean.

The DEPA stake to be sold amounts to 65 percent. By that time the picture regarding the company’s participation in Attica Gas Corporation and its withdrawal from the Thessaloniki/Thessaly Gas Supply Company will have become clear.

As for the PPC stake, this will be conceded via convertible bonds.