“I think at that time, DESFA was prepared for privatisation and a company from Azerbaijan (SOCAR) was ready to invest. So they did. In such an investment, the Commission always looks at the current and the future situation (of the market) to make sure that we have a proper competition in all areas. Thereby, the modalities, the proportion, the ownership, (and) the share owned by SOCAR were subject to the discussion”, he said.
On August 26, HRADF and Hellenic Petroleum S.A. met with the Azeri company «State oil Company of the Republic of Azerbaijan» (SOCAR), which confirmed its interest for the completion of the transaction with the extension, until 21.12.2015, of the Share Purchase Agreement and the guarantee letter of €40 million.
Currently, the Directorate-General for Competition of the European Commission is considering the issue on privatization of DESFA.
On July 31, 2013, the Hellenic Republic Asset Development Fund approved the transaction on purchase of 66% of DESFA shares by SOCAR for €400 mln.
In December, 2013, SOCAR and Greece's state privatisation fund and Petroleum companies signed Contract on Shareholders and the Share Purchase Agreement (SPA). SOCAR purchases 31% share of DESFA from Greek government, 35% from Hellenic Petroleum SA. HRADF will control share package of the DESFA prior to the SOCAR takes over control on it.
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