DESFA: We have completed the first strategic privatization

TAIPED accepted the improved offer of Socar, of euros 400 million euros for 66% of DESFA, that is 31% for TAIPED and 35% for ELPE (Hellenic Petroleum), and tomorrow ELPE will meet to give its approval.

 

As stated in the announcement, "it is with great satisfaction that TAIPED welcomes Socar to the Greek market as a very serious and strategic partner, who will be instrumental in the development of our economy. Future benefits will be multiple for both the Greek consumer as and the competitiveness of the Greek industry."

 

After the completion of the DESFA privatization, the same procedures will start for ADMIE and ELPE in order to launched them in autumn or no later than the end of the year, as required by Troika.

 

Troika’s tight schedules

 

Troika insists on full ownership separation of ADMIE from PPC, which has to be complete by the second quarter of 2014 in order to facilitate the sale of the parent company.

 

The timetables of the memorandum are tight, and PPC must publish an international call for proposals and do research overseas for any interest until September 2013 the latest.

 

As for ELPE, the process will begin as soon as the DESFA matter is closed, as they own 35%. The money from the completion of the DESFA acquisition will raise their own value. The notice for Hellenic Petroleum is placed in the 4th quarter of 2013 and the submission of tenders in the 3rd quarter of 2014.