Printer Friendly

Azerbaijan : SOCAR plans to continue cooperation with EUROPEAN COMMISSION.

The State Oil Company of Azerbaijan Republic (SOCAR) has declared the plans to continue cooperation with the European Commission to conclude the process of acquisition Greece's gas transmission network operator Desfa by the company.

According to SOCAR, 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 European Commission stated that the European Commission has launched 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.

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 further added.

2014 Al Bawaba ( Provided by SyndiGate Media Inc. ( ).

COPYRIGHT 2014 SyndiGate Media Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2014 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Mena Report
Geographic Code:9AZER
Date:Nov 7, 2014
Previous Article:Azerbaijan,India : GAIL and SOCAR signs MoU.
Next Article:Bangladesh : KPI intends to build $6 billion crude oil refinery in BANGLADESH.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters