Greece Oil & Gas Q2 2018
Momentum is maintained in the upstream segment with the offshore Open Door Licensing round attracting bids fromthe expected consortia led by Exxon (Crete) and Repsol (Ionian). As we head into Q3 2018, the focus in the Greek energy space isalso firmly pivoting towards privatisations in the energy market. DESFA has attracted Italian suitors SNAM, and if completed, theprivatisation also paves the way for the privatisaiton of parent DEPA and Hellenic Petroleum, which we expect will be a highlycoveted asset. Helping Hellenic's privatisation prospects is the Downstream segment outlook which remains strong and wemaintain our outlook for an increase in the middle distillates production as the introduction of IMO 2020 sulphur regulations createan opportunity for greater exports of the fuel.
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