SOCAR signed all documents to buy 66% shares of DESFA

On December 21, 2013 State Oil Company of Azerbaijan (SOCAR) signed the contract with the Greek Hellenic Republic Asset Development Fund and Greek Petroleum company to buy 66% shares of DESFA company (operator of Greek national gas distribution network), SOCAR reported.

According to the results of the international bid earlier invited by HRADF, the sides have signed the agreement on purchase-sale of shares and the agreement on the shareholders.

The signed documents will enter into force after their approval by the General Directorates of the European Commission on Energy and Anti-Monopoly Policy, reads the statement.

It has been mentioned at the signing ceremony that purchase of the control stock of DESFA company by SOCAR is of great importance for Azerbaijan and is important for attraction of foreign investments into Greece.

SOCAR planned to sign the documents on December 17, 2013 in Baku. However, SOCAR President Rovnag Abdullayev told journalists that the signing failed to take place for technical reasons: the Greek governmental delegation failed to arrive in Baku, because of the technical problems in the Premier’s plane.—0--