SOCAR agrees DESFA deal - UPDATE

State Oil Company of Azerbaijan (SOCAR) has reached the principal agreement with Hellenic Republic Assets Development Fund (HRADF/TAIPED) for the acquisition of 66 percent stake in Greece natural gas transmission system operator - DESFA, SOCAR reported on Friday.

Both SOCAR and HRADF advisory teams are currently working on the final technical matters of the deal.

According to SOCAR President Rovnag Abdullayev, the decision on purchasing DESFA is in true line with the existing high level bilateral relationship between Greece and Azerbaijan as well as SOCAR and Greece leading energy companies.

"SOCAR has vast experience with natural gas pipeline systems in the Caspian region and is looking forward to start working in Greece as our first project of such type in the European Union," Abdullayev said.

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11:50
The State Oil Company of Azerbaijan (SOCAR) announced that it has reached a fundamental agreement to acquire a 66 percent stake of Greece's gas transportation system operator DESFA.


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