...

Italian company to acquire part of SOCAR’s share in DESFA

Economy Materials 17 May 2016 16:16
Italy’s Snam will acquire 17 percent of the 66 percent stake of the State Oil Company of Azerbaijan (SOCAR) in the DESFA Greek gas operator
Italian company to acquire part of SOCAR’s share in DESFA

Baku, Azerbaijan, May 17

By Maksim Tsurkov - Trend:

Italy's Snam will acquire 17 percent of the 66 percent stake of the State Oil Company of Azerbaijan (SOCAR) in the DESFA Greek gas operator, Greek mass media outlets reported May 17 with reference to the head of Hellenic Republic Asset Development Fund (HRADF) Stergios Pitsiorlas.

He said that DESFA's privatization process will be completed in the near future.

The HRADF expects the sale of a stake in DESFA to SOCAR to be completed soon, Pitsiorlas said, adding that Italian Snam will acquire 17 percent of the share.

SOCAR won a tender in 2013 on the sale of the 66-percent stake in DESFA for 400 million euros.

Greek Minister of Environment, Energy and Climate Change Panos Skourletis said in autumn of 2015 that in order to complete the deal on SOCAR's purchasing the 66-percent share in DESFA, it is necessary to sell 17 percent of this share to a European company.

---

Follow the author on Twitter: @MaksimTsurkov

Tags:
Latest

Latest