New Energy market report from Business Monitor International: "Greece Oil & Gas Report Q2 2013"

Boston, MA -- (SBWire) -- 05/09/2013 --Energy policy is still one of the main themes on the agenda in terms of the Greek coalition government's political priorities, in view of growing awareness of the importance of possible prospective resources, although energy privatisation is a greater immediate concern. Fourteen expressions of interests were registered with TAIPED, the Greek privatization agency, when the tender Invitation was announced in February 2012 for the state gas industry (DEPA - DESFA), but only five non-binding bids were submitted by the November deadline. Although the final submissions were to be deposited in December and final selection slated to be announced in Q113, the privatisation process had not, at the time of writing (February 2013), yet come to an end. Submission dates for tenders to acquire control of Hellenic Petroleum, which were to be submitted in Q113, are now expected for Q213 with final selection scheduled to be announced in Q413. Meanwhile, demand trends will be dependent on a sustained economic recovery.

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The key trends and developments in the Greek oil & gas sector are:

- According to local newspaper Kathimerini, consumption of heating oil, which makes up a significant proportion of Greek oil demand, experienced a sharp fall of 40-50% by the end of 2012, while demand in October 2012 declined approximately 90%. This fall of demand and consumption was a result of unseasonably high temperatures, in combination with increased prices due to tax hikes that led to people sourcing alternative heating means. As a result we have lowered our oil consumption forecasts for 2013 to 253,960b/d. We estimate the country consumed 291,910b/d in 2012.
- Greece had hoped to attract binding bids for state-controlled natural gas supplier Dimosia Epichirisi Paroxis Aeriou (DEPA) and network distributer DESPA by the end of September 2012. By early 2013, the sale process had only received binding tender offers which were originally scheduled for late December 2012, and the selection announcement is expected on April 12 2013.
- In November 2012, TAIPED reported that of the original 14 firms that had expressed interest for DEPA and DESFA, only five placed a bid. Originally, Russia's Gazprom and Azerbaijan's Socar were the two main contenders for DEPA. Other players expressing interest were Sintez, a small private Russian O&G/ energy services conglomerate (controlled by billionaire Leonid Lebedev), along with a Greek consortium composed of Mytilinaios Group and Motor Oil.
- For the acquisition of DESFA, a partnership of GEK TERNA - a major Greek construction company in a joint bid with Czech investment fund PPF - was initially the only bidder. However, Sintez has now placed a bid of EUR1.9bn to acquire both DEPA and DESFA and plans to invest EUR3bn over the next five years.

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