SOCAR to take control over greek DESFA in quarter 2, 2014

Last week SOCAR's delegation paid a fact-finding visit to the Greek capital.

SOCAR press office reported that during the visit the delegation has been informed that the final decision of the European Commission to transfer control over 66% shares of DESFA, Greek gas transport company, to SOCAR will be made in quarter 2, 2014.

"Until completion of the procedure, the Greek Property Management Fund will maintain control over the sold part of DESFA shares," SOCAR said.

It has been said during the meetings in the Ministry of Ecology, Energy and Environment of Greece, HRADF and DESFA that permission of the Greek Audit Chamber is the next stage in this purchase-sale procedure.

SOCAR's representatives have been told that works will begin this week. The registration in the Greek Energy Regulation Agency and the European Commission will be carried out in parallel.

SOCAR's representatives have been also informed about the future procedures. The sides have exchanged opinions on the commitments in line with the Greek legislation and the EU Third Energy Directive.

* In June 2013 SOCAR offered 400 million Euro for purchase of 66% shares of DESFA, 31% of which are held by the Greek State Privatization Fund and 35% shares by the Hellenic Petroleum.-0-