Snam, Enagás, Fluxys Complete DESFA Acquisition

Shailaja A. Lakshmi
Saturday, 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.

Categories: Energy LNG Europe

Related Stories

Pandion Energy Divests Interests in Three Norwegian Assets to Inpex

CNOOC Finds Oil and Gas in South China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Woodside Agrees Long-Term LNG Supply with Petronas Unit

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

TPAO, SOCAR and BP to Ink Caspian Sea Oil and Gas Production Deal

Fugro Lands Deepwater Gas Field Job in Southeast Asia

Turkey Discovers New Black Sea Gas Reserve

EnQuest Bags Two Production Sharing Contracts off Indonesia

VARD Snags $125M Shipbuilding Deal for Subsea Construction Vessel

Current News

BP, ONGC, Reliance Industries Ink Deal for Offshore Exploration in India

Allseas-Boskalis Consortium Bags $1.4B Offshore Gas Pipeline Job in Taiwan

CNOOC Brings New Offshore Gas Field On Stream

Yinson, PTSC Get $600M Contract for Vietnam-Bound FSO

PTTEP Buys Chevron's Hess Unit Share of Southeast Asia’s Offshore Block for $450M

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

Sapura Scoops Over $118M for Chevron, PTTEP Subsea Ops off Thailand

Pandion Energy Divests Interests in Three Norwegian Assets to Inpex

China Starts Production at Major Oil Field in Bohai Sea

Dutch Contractor Completes Malaysia’s Largest 'Rig-to-Reef' Decom Project

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com