Baku. Agshin Rafigoglu - APA-Economics. The procedure followed in the sale of the Natural Gas System Operator (DESFA) to the Azerbaijani state-run company SOCAR has advanced”, said the Minister of Productive Reconstruction, Environment and Energy of Greece Panagiotis Lafazanis, APA reports quoting Greek Reporter website.
“Government’s future stance will depend on pending European Competition Commission findings”, he added.
Earlier SOCAR told APA-Economics that the company continues close cooperation with the European Commission for development of mutually agreed solution in respect of taking into account the notes by the European Commission during the initial evaluation of the acquisition process.
The European Commission has stopped the hour within the formal period of consideration of the issue. This will give time for taking a decision suitable for both sides and analysis of the issue by the EC in the future.
Such temporary suspension of the process is one the simple cases in the consideration of transactions on consolidation or purchase of companies. SOCAR welcomes the progress, which has been achieved so far in the process of consideration of transaction, of which final decision is prerogative of the EC.
The Board of Directors of Hellenic Petroleum SA, Greece’s largest refiner, has approved Azerbaijan’s state oil company SOCAR’s improved offer of €400 million regarding the privatisation of 66% of the Hellenic Gas Transmission System Operator (DESFA).
Out of the 66% stake in DESFA, 31% is owned by Hellenic Republic Asset Development Fund's (HRADF) and 35% is owned by Hellenic Petroleum.
On 1 August, HRADF accepted SOCAR’s improved offer of €400 million for DESFA. HRADF said in an e-mailed statement, “it is very pleased to welcome SOCAR in the Greek market, as one very important and strategic partner, who is expected to contribute decisively to the growth of the Greek economy”.
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