Thursday, May 23, 2019

Snam, Enagás, Fluxys Complete DESFA Acquisition

December 22, 2018

The consortium consisting Italy’s Snam, Spain’s Enagás and Belgium’s Fluxys has completed the acquisition of a 66 percent stake in Greek natural gas operator DESFA.

According to a joint release, the purchase valued at €535 million ($613.9 million) has been completed with the Hellenic Republic Asset Development Fund (HRADF) and Hellenic Petroleum.

The consortium, which won the tender for the privatisation of DESFA in April 2018, has closed the purchase through the new company Senfluga Energy Infrastructure Holdings. The consortium has obtained financing without recourse for more than 10 years, corresponding to approximately 65% of the value of the company.

DESFA owns and operates, under a regulated regime, a high pressure transport network of about 1,500 km, as well as a regasification terminal at Revithoussa.

Greece, an important crossroads for diversification of supplies and the opening of new natural gas routes in Europe, has further development potential as a hub in South-East Europe.

Thanks to the support of Snam, Enagás and Fluxys – three major European infrastructure companies which are committed to the creation of the Energy Union – DESFA will be able to fully exploit its strategic position in the Mediterranean, which will contribute to the country’s growth.

The consortium will also promote natural gas innovation in Greece, will foster the introduction of renewables gasses such as biomethane in order to create a sustainable energy system, and will make an active contribution to the reduction of the country’s emission of both harmful pollutants and greenhouse gasses.

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