Azernews.Az

President of Azerbaijan’s state energy firm Socar has said his company’s participation in the privatization of Depa national gas company will depend on the economic situation in Greece and Depa’s standing.

Rovnag Abdullayev told journalists that not the entire company but some of its divisions have been put up for sale, therefore, more time is required to study the effectiveness of such an acquisition.

"The issue of acquiring such assets should be approached thoroughly," Abdullayev said.

The Greek company’s privatization is expected to begin this summer and to be completed at the end of 2012. 55 percent to 90 percent of Depa’s shares may be offered for sale.

Depa holds a stake in Interconnector Turkey-Greece-Italy (ITGI), a Southern Gas Corridor pipeline project bidding for exports of Azerbaijani gas to European markets, along with Nabucco and Trans-Adriatic Pipeline (TAP) projects. Partners in the consortium developing Azerbaijan’s giant Shahdaniz gas condensate field in the Caspian Sea are considering possible transportation routes.

Greece’s government in May 2011 approved a privatization program which is expected to bring the country revenues totaling over 50 billion euros by 2015. The approval of the program was one of the conditions for loan assistance from such international lenders as the EU and IMF.