Gazprom drives hard bargain as sole major bidder for Greek DEPA


Gazprom is squeezing Athens for better terms to buy DEPA, Greece’s sole retail gas distributor, a Greek official said, as the Russian gas export monopoly leverages its strength position as the only major player in the running, Reuters wrote. Binding bids are due to be submitted on May 29 for DEPA, which posted a net profit of €106 million last year. Gazprom, which is already DEPA’s main supplier, last year made a non-binding bid of €900 million ($1.2 billion). Greece has already agreed to reduce the required guarantee and is striving to resolve DEPA’s liquidity problem, said Stelios Stavridis, chairman of Greek privatization agency HRADF in an interview with state radio NET. “The big problem in Greece’s energy market is that everybody owes to everybody else”, Stavridis said. According to Greek sources close to the sale, Gazprom is concerned that the European Union might block the DEPA acquisition. Gazprom’s only rival for DEPA is M&M Gas, a joint venture by Greek energy firms Motor Oil and Mytilineos. But M&M’s initial bid of about €550 million was far below Gazprom’s, and its parent firms own money to DEPA.


Purchasing Managers' Index rises Analysis

Purchasing Managers' Index rises

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

New Jewish cultural hub opens in Budapest City

New Jewish cultural hub opens in Budapest


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.