Baku, Azerbaijan, Nov. 6 By Aygun Badalova - Trend:
The State Oil Company of Azerbaijan Republic (SOCAR) will continue cooperation with the European Commission to complete the process of acquisition Greece's gas transmission network operator Desfa by the company, a statement on SOCAR's official website said. "SOCAR appreciates the time, effort and resources that the Commission Services have dedicated and will continue to dedicate in this process. We will continue to cooperate constructively with the Commission to complete the process within the earliest possible period", the statement said.
The European Commission has opened an in-depth investigation to assess whether the proposed acquisition of the Greek gas transmission system operator DESFA by the State Oil Company of Azerbaijan Republic (SOCAR), is in line with the EU Merger Regulation, the European Commission said in its report. The EU executive noted it had concerns that the planned deal might reduce competition on the upstream wholesale supply market for natural gas in Greece.
"In the context of the recent notification by SOCAR to the EU competition authorities of its proposed acquisition of a 66-percent stake in DESFA, the Greek gas transmission system operator, SOCAR now understands that the Commission is opening a "Phase II" in-depth investigation into the proposed transaction", SOCAR said in a statement. The Phase II investigation is normally concluded within 90 working days. A final decision is expected within the first half of 2015, SOCAR said.