Baku / 23.09.16 / Turan: SOCAR President Rovnag Abdullayev plans to hold talks with the Greek Government in Athens next week on the acquisition of 66% stake in the Greek gas distribution company DESFA.
‘I plan to visit Athens at the end of September for talks with the Greek government on the issue. They are waiting for us,’ Abdullayev told reporters.
He also urged the media not to create excitement around the transaction. According to him, it is necessary to respect the position of the Greek government.
It was reported earlier that SOCAR is waiting for a compromise on the part of the Greek government for the successful completion of the acquisition of a 66% stake in DESFA. In particular, the Greek side has changed the rules for the calculation of tariffs for gas, which, according to SOCAR's estimations, will lead to at least a 50% loss of DESFA’s value. SOCAR said that it is not ready for new conditions and they are not so interesting for the company.
SOCAR is ready to continue to participate in the privatization of DESFA on the same terms and it waits for a compromise on the Greek side.
The term of the letter of guarantee from SOCAR to participate in the privatization of DESFA expires on September 30, 2016. -12B--
Economics
-
The Azerbaijan Land Transport Agency (AYNA) has announced plans to significantly increase the number of buses on the roads to meet growing passenger demand as the new school season kicks off. The move is part of a broader effort to enhance public transportation in Baku and its surrounding regions.
-
Azerbaijan's commodity exports fell sharply in the first half of 2024, decreasing by 18.5% to $12.4 billion, according to data from the Central Bank. This marks a significant shift in the country's trade performance, primarily driven by changes in the oil and gas sector. Despite the overall decline in export figures, oil and gas exports remained strong, supported by favorable global market prices for crude oil and natural gas.
-
Azerbaijan, a nation where post-Soviet welfare policies are often compared to those of its neighbors, finds itself at the center of a debate over the absence of state-provided child benefits. Unlike other former Soviet republics, Azerbaijan does not offer universal payments for children. This issue gained attention during the parliamentary elections in September 2024, as political candidates promised to push for the reintroduction of child benefits if elected to the Milli Majlis.
-
Azerbaijan's foreign direct investment (FDI) portfolio for the first half of the year continued to be dominated by the oil and gas sector, which attracted 80.4% of the total FDI inflow of $3 billion, according to the Central Bank of Azerbaijan. This reflects a persistent trend of reliance on energy resources, as the country plays a critical role as a key energy producer in the region.
Leave a review