DEPA privatization will have to wait

The sell-off of Public Gas Corporation (DEPA) is stuck in limbo ahead of the completion of the privatization of Hellenic Petroleum (ELPE) and the finalization of the deal for DEPA to buy Shell’s stake in the Attica Gas Corporation.

ELPE’s 35 percent stake in DEPA and the fact that the oil company is searching for a strategic investor mean that DEPA’s privatization – regardless of the form to be chosen by the country’s creditors – will have to wait.

It is not clear whether any strategic investors will be found for ELPE or, if any are found, what they would do with the DEPA stake that comes with buying 50.1 percent of ELPE.