KEYWORDS TODAY:   UkraineDonetskSouth Stream

Azerbaijan's Socar Buys 66% Stake in Greece's Gas Grid Operator

World | December 21, 2013, Saturday // 17:38| Views: 1054 | Comments: 0
  • Send to Kindle

Azerbaijan's state-owned oil company SOCAR acquired a 66% stake in Greece's gas transmission network operator DESFA in a deal worth EUR 400 M.

Under the contract, which was signed in Saturday, SOCAR acquires a 35% stake of DESFA owned by Hellenic Petroleum and a 31% stake of DESFA owned by the state privatization fund, according to reports of ITAR TASS.

The deal will be completed after the approval of national and EU regulatory authorities.

The sale of the 66% stake is expected to create the preconditions for attracting additional capital for investments which are necessary for the upgrade of the company and for enhancing its competitiveness on the energy market.

The deal is part of Greece's privatization program outlined in the international bailout plan.

World » Be a reporter: Write and send your article
Tags: azerbaijan, greece, SOCAR, DESFA, gas grid, bailout, privatization All Are Welcome! Join Now!

Leave a comment

Bulgaria news (Sofia News Agency - is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." (Sofia News Agency - and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria