SOCAR expected to purchase DESFA stakes in coming months
By Aynur Karimova
The sale process of a 66-percent stake in Greek gas transmission system operator DESFA to Azerbaijan's state energy giant SOCAR is expected to close in the coming months.
This was announced by Greek Minister for Productive Reconstruction, Energy, and Environment Panos Skourletis at a meeting with Azerbaijani Ambassador to Greece Rahman Mustafayev, Adviser to the SOCAR President Murad Heydarov and SOCAR Energy Greece executive Anar Mammadov, the Greek media reported on October 1.
Skourletis said that the acquisition process is running smoothly.
“This process is developing in a way which would meet the requirements of the European Commission's Directorate-General, and it runs smoothly,” he noted.
SOCAR has expressed an interest in purchasing the 66-percent stake in DESFA for some time. For SOCAR, the 400 million euro deal would play a crucial role in the development of the TAP project -- a part of the Southern Gas Corridor mega-project.
However, the 2013-agreement to sell a majority stake in DESFA to the Azerbaijani company was stalled by a European Commission investigation in late 2014 over EU competition and energy security concerns.
Later in early 2015, the new Greek government announced that it would sell only 49 percent of the company to SOCAR. The Azerbaijani side, however, countered that it sought to fulfill its originally intended 66 percent stake.
Currently, the deal is being considered by European Commission’s Directorate-General for Competition, and the procedure will last until late 2015.
Meanwhile, the Belgium Fluxys Company, which is one of TAP's shareholders at 19 percent, intends to purchase an 8 percent share out of 66-percent stake SOCAR seeks to buy in DESFA.
Greek media outlets reported on October 1 that Fluxys has already informed SOCAR about its plans.
"A similar notice was also sent to the Hellenic Republic Asset Development Fund," the reports said.
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Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova
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