Baku, Azerbaijan, April 23
By Emil Ismayilov - Trend:
The EU's approval of Greece selling DESFA company's share to the State Oil Company of Azerbaijan is planned for August-September 2014, SOCAR Vice-President for Economic Affairs Suleyman Gasimov said.
The financial allocations within the framework of this project can only start after the completion of the EU's approval, he said.
"The appropriate decision regarding the transfer of these funds by increasing the authorized capital of SOCAR was approved by the Cabinet of Ministers of Azerbaijan. However, since there's no necessity, we haven't received the funds, and didn't transfer them," Gasimov said.
At the end of last year, SOCAR has signed with the Hellenic Republic Assets Development Fund (HRADF) and the company "Petroleum" an agreement to acquire 66 percent share package of the Greek operator of gas transmission company DESFA.
Following an international tender announced earlier by HRADF, the parties signed an agreement on the sale of share package and shareholders agreement.
Signed documents will come into force after their approval by European Commission Directorate General for Energy and Antitrust Policy.
As it was noted at the signing ceremony, SOCAR buy of a controlling share package of the company DESFA is of great importance from the viewpoint of enhancing the role of Azerbaijan in providing with the energy security of Europe, as well as attracting foreign investments into Greece.
Translated by S.I.
Edited by S.I.
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