Copelouzos group gains foothold on Greek gas grid operator DESFA

The Copelouzos energy group has gained a foothold in Greek gas grid operator DESFA through the acquisition of a minority stake in European consortium Senfluga.

Specifically, Damco Energy SA, a Copelouzos Group company, announced yesterday that it had acquired a 10 percent stake in Senfluga Energy Infrastructure Holdings SA, which owns 66 percent of DESFA, as well as the grid operator’s management. Therefore, the Copelouzos Group now owns 6.6 percent of DESFA.

Senfluga itself is a consortium set up by three major European gas operators – Italy’s Snam, Spain’s Enagas and Belgium’s Fluxys. Although the acquisition is subject to approval by the Regulatory Authority for Energy, the Environment and Energy Ministry has hailed the acquisition.

“Damco’s investment is the result of long and constructive talks between the two sides and has been structured on the same terms and conditions as the acquisition of DESFA by Senfluga and conforms to the existing regulatory framework,” the Copelouzos Group said in a statement.

According to sources, Damco paid 56 million euros for its stake, which is in line with the 535 million Senfluga paid for its 66 percent stake in DESFA in 2018.

Senfluga’s owners are also shareholders in TAP, the Trans-Adriatic natural gas pipeline operator.

This is not the first Copelouzos collaboration with Senfluga’s owners and, quite likely, not the last. Damco Energy participates in European Consortium alongside Enagas, GasLog, Snam and Terna SA. On July 12, the consortium submitted a bid to build the infrastructure for importing liquefied natural gas (LNG) into Cyprus.

“The Copelouzos Group’s investment in DESFA underscores the confidence of Greek investors in the economy. This is a precondition to attract foreign investment and aid the government’s effort to bring robust growth and new jobs,” the Environment and Energy Ministry said.