SOCAR to acquire DESFA with state funds
Azerbaijan, Baku, Sept. 17 /Trend E. Ismailov/
Acquisition of a share in the Greek firm DESFA by the State Oil Company of Azerbaijan (SOCAR) will be carried out using state funds, SOCAR Vice-President for Economic Issues Suleyman Gasimov, told journalists on Tuesday.
According to him and in particular, the purchase of the Greek asset for 400 million euros will be provided by SOCAR's increased authorised capital.
"DESFA is very attractive as an investment project. We believe the profitability of this project will be satisfactory both for SOCAR and for the state," Gasimov said.
The European Commission's final decision on the transfer of control of a 66-per cent stake package in the Greek gas transmission operating company DESFA to SOCAR will be taken in the second quarter of 2014.
For the purchase of 66 per cent of shares (31 per cent shares of the State Privatisation Fund and 35 per cent of Hellenic Petroleum) SOCAR has offered 400 million euros.