Greece's DEPA to sell $67 million stake in local gas supplier to Italy's Eni

Greece’s biggest gas company DEPA agreed to sell its holding in a local gas supplier to Italy’s Eni for 57 million euros ($67 million).

Under the agreement, state-controlled DEPA will sell its 51 percent stake in Thessaloniki-Thessaly Gas. Eni already holds a 49 percent stake in that company.

Under a bailout-sanctioned scheme to unbundle gas supply from distribution and boost competition in the industry, Greece needs to eliminate potential conflicts of interest between DEPA and domestic gas suppliers. The Greek company will stay in the broader Athens region but will pull out of the rest of Greece.

DEPA is also in talks to buy out Shell’s 49 percent stake in another gas supplier, Attiki Gas Supply Co, and a gas distributor in Athens and become the sole stakeholder in the two companies. The deal expected to be worth about 150 million euros.