EU & WBs / Albania Energy Investment Updates

EU & WBs / Albania Energy Investment Updates

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SOCAR ready for talks on selling 16% share in Greek DESFA, 18 SEPTEMBER 2015

AEI Updates September 2015Posted by Adv. Lorenc Gordani, PhD Fri, September 18, 2015 18:48:11

Baku, Azerbaijan, Sept.18
By Maksim Tsurkov – Trend:

The State Oil Company of Azerbaijan (SOCAR) is ready for talks with European companies on selling the 16-percent share in Greek DESFA gas transmission system operator, SOCAR President Rovnag Abdullayev told reporters Sept.18.

SOCAR president said that for the present, no agreement has been reached with any company.
“But we are ready to sell 16-percent share to European companies and hold talks with them,” he added.

Currently, the Azerbaijani side is waiting for holding the early parliamentary election in Greece.
“After this election, we will discuss this issue [purchasing a share in DESFA] with the country’s new authorities,” Abdullayev said earlier.

“Currently, we have temporarily frozen the talks till the clarification of the issue related to the new government in Greece,” SOCAR’s president added.

SOCAR won a tender in December 2013 on the sale of 66-percent share in DESFA for 400 million euros.

The European Commission started an inquiry into the compliance of the deal on acquisition of a stake in DESFA with the EU’s regulations In November 2014. Currently, the deal is being considered by European Commission’s Directorate-General for Competition, and the procedure will last until late 2015.

SOCAR is the sole producer of oil products in Azerbaijan. It has two oil refineries and filling stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland. The company is the co-owner of the largest Turkish petrochemical complex, Petkim, and other assets in Turkey.

The company is currently carrying out work as part of ensuring the Azerbaijani gas supplies to Europe. Work is underway in this regard within the second stage of development of the Shah Deniz offshore gas and condensate field, and for expansion of the South Caucasus Pipeline.

Moreover, projects are being developed for construction of the Trans Anatolian Natural Gas Pipeline (TANAP) and the Trans Adriatic Pipeline (TAP).

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