Greece Speeds Up Privatizations To Ensure Release Of Next Aid Tranche
The troika urges Greece to ensure with immediate actions that the target of €15b within 19 months through privatizations will be achieved.
The international lenders cannot be not convinced just by OTE development and ask for tenders for large public companies within June. Government officials note that gas company DEPA is next in line, however conditions have changed, as two separate privatizations are expected to take place.
The first one refers to the privatization of DEPA as a trading company, with a stake of 32% to be sold, although sources reveal that the full package owned by the Greek state (65%) may be for sale.
Based on adviser’s recommendation, the sale of DEPA without gas network is considered preferable for international energy companies that are bound not to control network management companies, according to European legislation.
French companies Gas De France and Electricite De France, and Italian Enel may be interested in DEPA, while it remains unknown whether Russian Gazprom and Azerbaijani Socar will submit an offer.
Under this privatization scheme, DEPA maintains its participationin Greek-Itallian IGI and Greek-Bulgarian IGB pipelines.
As regards the privatization of Hellenic Gas Transmission System Operator, it could attract the interest of banks, investment and pension funds, allowed by the European legislation. These investors do not obtain control of the networks, although they eye stable and relatively high yields.
The Greek government has already appointed advisers for the sale of DEPA, while Finance Minister Giorgos Papakonstantinou said on Tuesday that the privatization of Hellenic Petroleum within 2012 has been decided.
The government plans to proceed with announcements in the coming days, while it attempts to launch several tenders. It attempts to finalize the issue of the sale of four Airbus aircrafts, promote the renewal of mobile telephony licenses, the sale of Casino Mont Parnes and announcement of an impressive and non-disputable package of real estate assets.
The Minister of Finance met on Wednesday the administration of National Bank. Privatizations had been one of the topics discussed. Brussels consider the issue of intraparty controversy as political.
However, the issue of privatizations and collaterals for the new aid loan is still open. According to data given by the Minister to Greek lawmakers, the amount of €15b that should have been raised by the end of 2013, must now be raised by the end of 2012. The privatization list will be enriched by additional state assets.
(capital.gr)
