SOCAR agrees to acquire Greek gas operator (UPDATE)
Details added. (First version was posted at 11:31)
Azerbaijan, Baku, June 21 / Trend /
The State Oil Company of Azerbaijan (SOCAR) announced on Friday that it has reached a principal agreement with Hellenic Republic Assets Development Fund (HRADF/TAIPED) to acquire a 66 percent stake in Greece natural gas transmission system operator - DESFA.
Both SOCAR and HRADF advisory teams are currently working on the final technical matters of the deal, SOCAR's report said.
According to SOCAR President Rovnag Abdullayev, the decision on purchasing DESFA is in true line with the existing high level bilateral relationship between Greece and Azerbaijan as well as SOCAR and Greece leading energy companies.
"SOCAR has vast experience with natural gas pipeline systems in the Caspian region and is looking forward to start working in Greece as our first project of such type in the European Union," Abdullayev said.