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SOCAR ready to sell 16% of its shares in DESFA

18 September 2015 08:49 (UTC +04:00)

Baku. Agshin Rafiqoglu – APA-Economics. SOCAR is ready to sell 16 percent of its shares in DESFA, a Greek gas distribution network, SOCAR President Rovnag Abdullayev told reporters on Sept.18.

Abdullayev said the company is currently holding talks with two companies on the matter.

Note that, on September 14, Abdullayev said that SOCAR is determined to privatize 66 percent shares of DESFA.

"We are determined to purchase 66 percent shares, and we do not expect a change in this matter,” 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.