Reports related to this article:
Plant(s): View 1 related plant in PECWeb
Released July 30, 2018 | GALWAY, IRELAND
en
Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Three European energy companies have signed contracts on a 535 million-euro ($626 million) deal to privatise DESFA, operator of Greece's gas grid and the country's only LNG terminal.
The consortium of Italian utility Snam (Milan, Italy), Fluxys (Brussels, Belgium) and Spanish grid operator Enagás (Madrid, Spain) will control 66% of DESFA, with Snam controlling the largest share. The contracts were signed with the Hellenic Republic Asset Development Fund (HRADF) and Hellenic Petroleum after the European Commission approved the deal. The majority stake sale in DESFA was mandated as part of Greece's international financial bailout, which is worth an estimated 86 billion euro ($100 billion).
DESFA owns and operates a high-pressure transport network of about 1,500 kilometres (km), as well as a liquefied natural gas regasification terminal at Revithoussa, an islet in the Gulf of Megara, west of Athens. DESFA transports gas from the Greek-Bulgarian and Greek-Turkish borders.
Greek Energy Minister Giorgos Stathakis said it was "an exceptional agreement, much better than what was inherited from the previous government, as it contributes toward the country's entry into the new era of Europe's natural gas market." Greece is seen as an important crossroads for the diversification of gas supplies as well as the opening of new natural gas routes in Europe. The consortium believe that it may also develop as a gas hub for southeastern Europe.
"Snam is ready to work with its partners to accelerate the growth of DESFA and the development of Greece's infrastructure so that the country can have a key role in the realization of an increasingly integrated, secure and sustainable European energy system, which will benefit Greek and European consumers," said Marco Alverà, chief executive officer of Snam.
Pascal De Buck, managing director and chief executive officer of Fluxys, said: "Fluxys...is willing to boost the development of the Greek gas infrastructure system in the coming years, fully realising the potential of Greece as a natural gas hub. This will not only foster the development of the domestic market, making energy affordable, reliable and sustainable for Greek end-users, but also other transit initiatives which will unlock new sources of gas for Europe. Furthermore, our consortium will be able to transfer technical and operational capabilities to DESFA, to develop new uses of gas such as compressed natural gas for cars, LNG for heavy duty vehicles and ships, and to introduce renewable gases such as biomethane in order to drastically reduce the country's emission of both harmful pollutants and greenhouse gases".
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
The consortium of Italian utility Snam (Milan, Italy), Fluxys (Brussels, Belgium) and Spanish grid operator Enagás (Madrid, Spain) will control 66% of DESFA, with Snam controlling the largest share. The contracts were signed with the Hellenic Republic Asset Development Fund (HRADF) and Hellenic Petroleum after the European Commission approved the deal. The majority stake sale in DESFA was mandated as part of Greece's international financial bailout, which is worth an estimated 86 billion euro ($100 billion).
DESFA owns and operates a high-pressure transport network of about 1,500 kilometres (km), as well as a liquefied natural gas regasification terminal at Revithoussa, an islet in the Gulf of Megara, west of Athens. DESFA transports gas from the Greek-Bulgarian and Greek-Turkish borders.
Greek Energy Minister Giorgos Stathakis said it was "an exceptional agreement, much better than what was inherited from the previous government, as it contributes toward the country's entry into the new era of Europe's natural gas market." Greece is seen as an important crossroads for the diversification of gas supplies as well as the opening of new natural gas routes in Europe. The consortium believe that it may also develop as a gas hub for southeastern Europe.
"Snam is ready to work with its partners to accelerate the growth of DESFA and the development of Greece's infrastructure so that the country can have a key role in the realization of an increasingly integrated, secure and sustainable European energy system, which will benefit Greek and European consumers," said Marco Alverà, chief executive officer of Snam.
Pascal De Buck, managing director and chief executive officer of Fluxys, said: "Fluxys...is willing to boost the development of the Greek gas infrastructure system in the coming years, fully realising the potential of Greece as a natural gas hub. This will not only foster the development of the domestic market, making energy affordable, reliable and sustainable for Greek end-users, but also other transit initiatives which will unlock new sources of gas for Europe. Furthermore, our consortium will be able to transfer technical and operational capabilities to DESFA, to develop new uses of gas such as compressed natural gas for cars, LNG for heavy duty vehicles and ships, and to introduce renewable gases such as biomethane in order to drastically reduce the country's emission of both harmful pollutants and greenhouse gases".
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
