The government will pay Greek for the assets of the distribution company DESFA, acquired in the tender in June of this year by the State Oil Company of Azerbaijan (SOCAR), said Vice -President of SOCAR for Economic Affairs, Suleyman Gasimov, during a meeting with companies-members of the Caspian-European Integration Business Club (CEIBC.)
Suleymanov explained that the purchase of Greek assets for 400 million euros will be provided by the increase of SOCAR’s capital.
SOCAR considers that from the terms of the investment project, the company DESFA is very attractive and profitable, what will allow to recover the invested funds, and bring additional funds to the state treasury.
The final decision of the European Commission to transfer SOCAR the control over 66 percent package of shares of the Greek operator of the gas transmission company DESFA will be made in the second quarter of 2014.
SOCAR offered 400 million euros for the purchase of 66 percent of the shares (31 % of the shares of the State Privatization Fund and 35 % of the shares of a private company "Hellenic Petroleum".) --12C--
Economics
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Azerbaijan’s Cabinet of Ministers approved a detailed framework for the preparation of sector-specific strategic plans aimed at guiding the country’s economic development over the medium term.
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Azerbaijan’s ADY Express, a subsidiary of Azerbaijan Railways CJSC, signed several strategic agreements on the sidelines of the Logitrans Türkiye 2024 exhibition in Istanbul, Turkey, reinforcing its commitment to expanding freight transport services along the Middle Corridor.
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Azerbaijan plans to establish state-of-the-art battery storage facilities for green energy with a total capacity of 350 MW within the next 4-5 years, a well-informed source in the Ministry of Energy told Turan.
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