The Greek PM’s plan for hydrocarbons

The establishment of a single company that will take over on behalf of the Greek state both the rights of exploration and exploitation of hydrocarbons and the participations of DEPA in the international pipelines of natural gas is expected to be announced tomorrow morning by the Prime Minister Kyriakos Mitsotakis.

According to information available to OT, the prime minister will announce the completion of the process of absorption of DEPA INTERNATIONAL WORKS by the Hellenic Hydrocarbon Management Company, a provision which existed in government legislation from 2020.

In order to complete the relevant process, the Hellenic Republic Asset Development Fund, where DEPA INTERNATIONAL WORKS belongs, should transfer 65% of DEPA INTERNATIONAL WORKS to EDEY and then the latter should proceed to the acquisition of the percentage of Hellenic Petroleum (35%) in the gas public company.

The new company

Sources tell OT that this process seems to be coming, if it has not already come, to an end, and in this way a single company is created that will hold in addition to the exploration and exploitation rights of hydrocarbons and the participations, as mentioned above by DEPA INTERNATIONAL WORKS in joint ventures with foreign companies for international gas pipelines. These are the projects of the Greek-Bulgarian pipeline (IGB), EastMed and the Greek-Italian pipeline (IGI) in which Edison is a partner.

According to information available to OT, the aforementioned move, ie the absorption of DEPA INTERNATIONAL WORKS by EDEY, enables Greece to draw up a unified national strategy in the fields of exploitation of natural gas deposits and the development of pipelines that will transport quantities of fuel to our country but also in areas of Southeastern...