Collapse of DESFA tender adds to Greece’s privatisation challenges

EconomyMacroeconomy Tags: Energy, Privatisations
Photo by Panayiotis Tzamaros/Fosphotos
Photo by Panayiotis Tzamaros/Fosphotos

The Energy Ministry confirmed via a press release issued on Wednesday afternoon that the privatisation process of the Hellenic Gas Transmission System Operator (DESFA) has been cancelled after the preferred bidder, the Azeri SOCAR, did not extend its letter of guarantee.

However, due the European Commission’s competition rules, SOCAR’s stake could not exceed the 50 percent threshold. Therefore, a 17 percent stake was later decided to be transferred to the Italian grid operator Snam.

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