SOCAR to continue cooperation with EC within privatization of Greek DESFA
The State Oil Company of Azerbaijan (SOCAR) will continue constructive cooperation with European Commission to speed up the finalization of Phase II of reviewing its acquisition of 66 percent share in Greek DESFA natural gas transmission system operator, SOCAR President Rovnag Abdullayev said.
He made the remarks in his interview with Greek Imerisia newspaper.
"The fact that the European Commission decided to take the merger review of SOCAR's acquisition of DESFA into Phase II is not at all exceptional and such developments are often seen in EU merger control procedures," Abdullayev said.
He added that SOCAR appreciates the time, effort and resources that the Commission Services have dedicated and will continue to dedicate in this process.
"SOCAR has always made its best efforts for the transaction's approval, and these efforts have been welcomed by both the Greek government and the European Commission," Abdullayev said.
"So we are confident that the Phase II investigation will satisfy the requests of Directorate-General for Competition of the European Commission."
He also commented on the possible influence of this procedure to the level of Azerbaijani-Greek relations and the implementation of the Trans-Adriatic gas pipeline (TAP) project designed to ensure the supply of Azerbaijani gas to Europe.
He said there are no reasons to presume that the current positive development in Azerbaijani-Greek relations may change in a foreseeable future.
SOCAR president expressed hope that the acquisition of DESFA will be completed in due course and all parties will be able to benefit from successful partnership opportunities in the future.
"TAP, being a consortium of major international companies, has independently signed a cooperation agreement with DESFA and the project is progressing very well in Greece."
European media outlets reported Nov. 6 that EU's anti-monopoly authority started to review the impending deal on SOCAR's acquisition of DESFA. The European officials fear that the competition level in Greece's gas market will decrease.
SOCAR earlier said that the final approval of the deal worth of $400 million on acquisition of 66 percent share by the company in DESFA is expected to fall on early 2015.
Akkord Corporation and German Bauer signed memorandum of understanding
Akkord Industry Construction Investment Corporation signed a Memorandum of Understanding with the German Bauer to look for new projects and expand experience. Founded in 1790, Bauer is currently the world's expert in the fields of construction, machinery, products for ground and groundwater, soil improvement and has more than 110 subsidiaries in 70 countries worldwide.
The signing ceremony was held in the presence of General Director of Akkord Corporation Goksel Aybek, Deputy General Director Samir Gasimov, Director of Domestic Projects Group Volkan Kurt, Director of the Transportation Department Hussein Gumush, CEO of Bauer AG Thomas Bauer, Regional Manager for the Middle East Volfram Groh and Azerbaijani Branch Manager Tarkan Keloglu.
According to the document, Bauer is committed to provide engineering design to find the optimized and most economical solution for excavation support, soil improvement, foundation and dewatering during the implementation of the joint projects. In turn, Akkord Corporation is responsible for providing local construction facilities and services, supply of construction materials as well as carrying out general construction and earth works, arranging permits and licenses, and liaison with local authorities.
In short, signing of the memorandum will provide even more opportunities for cooperation both in terms of relevant fields and from a geographic point of view.
It is noteworthy that Akkord Corporation already has experience in cooperating with Bauer. The company carried out piling works commissioned by the Corporation under the project for construction of the bypass road in Kutaisi, Georgia.