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Necessary decision on DESFA privatization to be passed, says minister

03 February 2016 09:30 (UTC +04:00)

According to him, necessary procedures must be complied with.

"I think a necessary decision will be passed in this regard”, the minister added.

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.