Greece has postponed by a month the deadline by which investors could bid for the concession of an underground gas storage facility in the northern Aegean Sea, Reuters reports.

The Greek Privatization Agency (HRADF), which manages the concession, has announced an extension of the deadline for initial bids from August 31 to September 30, without giving reasons for the postponement.

Investors are encouraged to bid for the development and operation of underground gas storage facilities for up to 50 years in a warehouse in the northern Aegean Sea near the town of Kavala, according to Agerpres.

The estimated storage capacity of the facility is of one billion cubic meters and is located next to an oil field, HRADF reported.

Analysts estimate that Greece will get only a small share of the estimated revenues from privatizations in 2020 because the crisis caused by the coronavirus pandemic (COVID-19) has forced authorities to postpone planned asset sales to avoid low bids.

Athens authorities expect privatization proceeds to be between 350 and 400 million euro this year, the head of the privatization agency, Aris Xenofos, recently told Reuters, well below the initial target of 2.4 billion euro.