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Azerbaijan : SOCAR obtains 66% share of GREEK gas company DESFA.

The State Oil Company of Azerbaijan Republic (SOCAR) has finalized with the Hellenic Republic Assets Development Fund (HRADF) and the organisation "Petroleum" a contract to obtain 66 % share package of the Greek operator of gas transmission organization DESFA.

Following an international tender declared previously by HRADF, the members finalized a contract on the sale of share package and shareholders contract.

Signed papers will come into force after their sanction by European Commission Directorate General for Energy and Antitrust Policy.

SOCAR buy of a controlling share package of DESFA is of huge significance from the perspective of improving the role of Azerbaijan in offering with the energy safety of Europe, as well as enticing foreign investments into Greece.

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Publication:Mena Report
Geographic Code:9AZER
Date:Dec 24, 2013
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