The Greek Hellenic Republic Asset Development Fund, HRADF, has approved the deal on purchase of 66% shares of Greek gas distribution company DESFA by State Oil Company of Azerbaijan (SOCAR) for 400 million Euro, reported Bloomberg.
In June 2013 SOCAR bought 31% shares of DESFA from the Greek government and 35% from Hellenic Petroleum SA.
* Every year Greece consumes about 2.8 billion cub.m. of gas. The main gas supplier to the Greek market of Russian Gasprom company. In June 2013 the Shah-Deniz consortium selected the route to transport Azerbaijani gas to Europe via TAP, which will pass through Greece, Albania and Italy. Gas transportation via TAP will begin since 2019.—0—
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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