SOCAR says acquisition of stakes in Greek gas operator to be completed soon
Baku, Azerbaijan, Oct. 27
By Emil Ismayilov - Trend:
The acquisition of shares in the Greek gas operator DESFA by Azerbaijan's State Oil Company (SOCAR) is scheduled to be completed in the next few months, a senior official with SOCAR told reporters Oct. 27.
He said SOCAR's stance on the issue of acquiring the share in DESFA remains unchanged, adding that currently the deal is being coordinated by Greece and the EU.
"We believe in the successful completion of the process, and the issue can be settled in the next few months," the SOCAR representative said.
Late last year, SOCAR and the Hellenic Republic Asset Development Fund (HRADF), the company 'Petroleum' signed an agreement to acquire 66 percent of shares in DESFA, the Greek national gas distribution network's operator.
Following an international tender, announced earlier by the HRADF, the parties inked an agreement on sale-purchase of shares, as well as another agreement on shareholders.
These documents will come into force after their approval by the European Commission's general directorates for energy and antimonopoly policy.
It was noted during the signing ceremony, that SOCAR's purchase of a controlling stake in DESFA is of great importance in terms of increasing Azerbaijan's role in the energy security of Europe, and bringing foreign investments to the economy of Greece.