Greek utility sale risks undermining EU energy goals
From Reuters
Greek utility sale risks undermining EU energy goals
* Depa award due in January
* Depa tender remains competitive – sources
* Gazprom pursuing interests in East Med region
By Oleg Vukmanovic
The sale of Greek gas firm Depa as part of European Union-backed state asset sales could undermine EU efforts to reduce Russian involvement in Europe’s energy markets.
Russia’s Gazprom has expressed the strongest interest out of the prospective bidders, according to two Greek energy sources with knowledge of the matter.
They said the Russian firm has lobbied across media, industry and government ahead of a sale decision which is due in January.
Both sources shied away from touting Gazprom as the likely tender winner, however, stressing that the outcome remained wide open.
Depa plays a key role in integrating south-east European energy markets with interconnectors.
Greece could also become a vital link in bringing vast East Mediterranean and Caspian Sea gas resources to western Europe.
“Gazprom has expressed the strongest interest in Depa and [oil refiner] Hellenic Petroleum …although the European Commission are not so happy about this,” a source familiar with the situation said.
Greek sales of energy assets, imposed by lenders including the EU to help repay debt, could contradict wider EU energy goals if Gazprom beat rivals to buy the regionally strategic gas company, he said.
Gazprom’s pursuit of Depa clashes with EU efforts to diversify gas supplies away from Russia, which provides about a quarter of Europe’s gas demand, by bankrolling new import corridors from the Caspian Sea via Azerbaijan and Turkey.
The EU has also launched a probe into Gazprom amid allegations that it was hindering the free flow of gas across the continent and overcharging customers.
“Gazprom as well as all other potentially interested investors should be treated equally as long as compliance with third (energy) package (regulations) and merger rules are guaranteed,” said an EU official, who wished to remain anonymous.
