Regional Geopolitical Priorities Will Drive DEPA's Valuation

Russian Gazprom's decision to submit a bid during the tender for the Greek public gas corporation DEPA is not surprising. It is not about control of the Greek market. Instead, a successful bid would ensure that the Russian gas giant controls a section of the Southern European Corridor, thus creating a hurdle towards its realisation, and favouring instead its own sponsored South Stream venture. Geopolitical priorities of the Greek government will ultimately be the crucial factor that decides the outcome of the tender in our view, especially since it will come ahead of the Southern European Corridor decision in Azerbaijan.

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