Russia's Sintez makes 1-2 bn euro bid for Greek gas utility -CEO

ATHENS Sat Feb 9, 2013 3:39pm EST

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ATHENS Feb 9 (Reuters) - Russia's Sintez has submitted a bid of between 1 billion and 2 billion euros for the Greek state's 65 percent stake in the gas distribution company DEPA, its chief executive said in a newspaper interview released on Saturday.

Sintez is one of the five contenders for DEPA, which Greece wants to sell as part of a privatisation programme agreed with its international lenders to pay off debt. The remaining 35 percent of DEPA are held by Hellenic Petroleum.

The other bidders are Russia's Gazprom, Azerbaijan's state-owned SOCAR and two Greek consortia, M&M GasCo-Mytilineos-Motor Oil , and PPF and GEK TERNA.

"Certainly we cannot reveal the price of our initial bid but it was between 1 and 2 billion euros," Sintez's CEO Andrey Korolev told the Sunday edition of the Ethnos newspaper.

Korolev also said the group planned to invest about 5 billion euros in Greece to build new pipelines and modernise DEPA's LNG terminal. (Reporting by Angeliki Koutantou; Editing by Kevin Liffey)