The Greek IA Daily reported that the State Oil Company of Azerbaijan (SOCAR) has requested 100 million Euros for 17% of its 66% share in the Greek gas distribution company DESFA. Recall, the local oil monopoly, negotiated the intention to pay for a controlling stake 400 million Euros, but the Antimonopoly Committee of the European Commission caused the Greek government to recommend that SOCAR reduce the presence in the Greek gas market to 49%.
The European Commission has blocked the previous deal, as SOCAR is a gas producer, and according to the EU directive, neither side can own a controlling stake in the structures of gas transportation in this area in order to avoid restrictions on competition.
It turns out that SOCAR will retain 49% on the basis of a new agreement with DESFA and the Government of Greece, in the framework of the so-called third energy package of the EU.
Buyers for 17% of the shares have already been found - the Belgian company FLUXYS claiming to 8%, as well as Dutch Gasunie, Romanian Transgas and Italy's Snam. --17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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