MOSCOW, June 10 (RIA Novosti) – Russian energy giant Gazprom will not participate in the privatization of the Greek gas monopoly DEPA due to a lack of guarantees that the Greek firm’s financial standing will not decline, a Gazprom spokesman said Monday.
“Gazprom has decided against filing a bid to participate in the DEPA privatization. We have not received sufficient guarantees that DEPA’s financial position will not deteriorate by the time the transaction is closed,” Gazprom’s Sergei Kupriyanov said in a statement, adding that the procedures for approving such a purchase would take about 12 months after the tender.
DEPA is already experiencing serious problems with non-payments, which creates “considerable risks affecting the company’s value, while the purchase price is suggested to be set now, without considering these factors,” he said.
