Greece’s Gas Grid Operator Sold to Snam-Led Consortium

A consortium led by Italy’s Snam will take a majority stake in Greek gas grid operator DESFA under a 535 million euro ($623 million) deal signed on Friday, the country’s HRADF privatization agency said.

A consortium of Snam, Spain’s Enagas Internacional and Belgium’s Fluxys will buy a 66 percent stake from the government and top Greek oil refiner Hellenic Petroleum.

The transaction is expected to be completed by the end of the year.

Aris Xenofos, executive president of HRADF said that “a powerful European consortium is taking over to invest in the future of DESFA, offering a vote of confidence in Greece, which now has the ability to stand up as a significant international energy hub for natural gas because of its strategic position”.

DESFA runs a network for transporting gas from the Greek-Bulgarian and Greek-Turkish borders via a 1,459-km (907-mile) pipeline. It also has a liquefied gas terminal facility on an islet off Athens.