...

Fluxys, Enagas claim for 17 percent stake in DESFA

Economy Materials 25 November 2015 15:46 (UTC +04:00)
Representatives of Fluxys (Belgium) have agreed on the alliance with Enagas (Spain) regarding the participation in the acquisition of a 17 percent stake from 66 percent shares package in Greece’s DESFA
Fluxys, Enagas claim for 17 percent stake in DESFA

Baku, Azerbaijan, Nov. 25

By Maksim Tsurkov - Trend:

Representatives of Fluxys (Belgium) have agreed on the alliance with Enagas (Spain) regarding the participation in the acquisition of a 17 percent stake from 66 percent shares package in Greece's DESFA, the Greek media reported Nov.25.

The Hellenic Republic Asset Development Fund (HRADF) said that it has received a formal proposal from the alliance.

Previously, Italian company Snam had applied with a proposal to buy a 17 percent stake in DESFA.

The Belgian company, which already has technical cooperation with DESFA, shows an interest to 8 percent and Enagas to 11 percent of shares.

The Greek media reported that Panos Skourletis, the energy minister of Greece, will most likely discuss the question of the completion of the DESFA privatization this week with the European Commission at a meeting of the EU Council of Energy Ministers in Brussels.

Earlier, he said that this process will be closed either until late 2015 or in early 2016.

Energy Minister Panos Skourletis said that for the completion of the sale of the 49 percent controlling stake in DESFA to Azerbaijani state firm SOCAR, another 17 percent must be sold to a European Union firm, with the SOCAR also having a say in the selection of the new stakeholder.

An informal interest in DESFA has been expressed by Dutch company Gasunie.

SOCAR won a tender in December 2013 on the sale of 66-percent share in DESFA for 400 million euros. The European Commission started an inquiry into the compliance of the deal on acquisition of a stake in DESFA with the EU's regulations In November 2014. Currently, the deal is being considered by European Commission's Directorate-General for Competition, and the procedure will last until late 2015.

SOCAR is the sole producer of oil products in Azerbaijan. It has two oil refineries and filling stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland. The company is the co-owner of the largest Turkish petrochemical complex, Petkim, and other assets in Turkey.

---

Follow the author on Twitter: @MaksimTsurkov

Tags:
Latest

Latest