• 3 minutes China's aggression is changing the nature of sovereignty.
  • 8 minutes Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 11 minutes Europe gas market -how it started how its going
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 hours Russia, Ukraine and "2022: The Year Ahead"
  • 1 day Amazing!...see article: "Turkmenistan To Close "Gates Of Hell" Gas Fire" by Irina Slav
  • 7 hours Why is oil priced and traded in U.S. dollars?
  • 4 hours Ukrainian Maidan after 8 years
  • 7 hours Russia oil production live month after month starting from November 2021 - official stats from Rosstat agency
  • 2 days Сryptocurrency predictions
Editorial Dept

Editorial Dept

More Info

GREECE: How Gazprom Will Get Control of Greece’s Pipeline Potential

Bottom Line: As Greece sells off its state-owned natural gas company (DEPA/DEFSA) under insolvency pressure, a minor Russian holding steps in as a proxy for Russian giant Gazprom. Whoever gains control, gains control over some major transit pipelines that will re-shape the pipeline game.

Analysis: DEPA is Greece’s state-owned Public Gas Corporation, while DEFSA is the state-owned Gas Transmission System Operator. DESFA is fully owned by DEPA, but the two are being sold separately. DESFA is valued at about $650 million, and it operates all the country’s transmission pipelines and the entire distribution network, along with an LNG terminal. This is where it gets interesting: EU energy legislation prohibits Gazprom—a gas supplier—from acquiring DESFA pipelines, so in order to bypass this hurdle, Gazprom has struck a deal with a small Russian company you haven’t probably heard of, Sintez, to stand in as its proxy bidder. So while Gazprom will bid on DEPA, which is allowed, Sintez will bid on DESFA, netting the whole deal for Gazprom in the end. There will be some stiff competition, though. Other preliminary bids have come from Azerbaijan’s state-owned SOCAR, Italy’s Eni, Algeria’s Sonatrach and the Israel Corporation, among others. But for now it looks like it’s down to Sintez (around $2.6 billion for acquisition and future investment) and SOCAR ($588 million for acquisition alone), for DESFA. 

Recommendation:…




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News