Tommorow SOCAR and HRADF to sign agreement to buy 66% shares of greek gas distribution company

 On December 17, 2013 State Oil Company of Azerbaijan (SOCAR) will sign the agreement with the Greek Hellenic Republic Asset Development Fund (HRADF) to buy 66% shares of the Greek gas distribution state company DESFA.

The document will be signed during the visit of the Greek governmental delegation led by Premier Antonis Samaras to Azerbaijan, which will begin on December 17.

  The Greek delegation will be also comprised of Minister of Energy and other officials, including HRADF President.

On July 31, 2013 HRADF approved the deal on purchase of 66% shares of Greek gas distribution company DESFA for 400 million Euro by SOCAR.

  SOCAR will buy 31% shares of DESFA from the Greek government and 35% from the Hellenic Petroleum SA. 

Until transfer of ownership of the DESFA share to SOCAR, it is controlled by HRADF.

On December 17, 2013 the ceremony to authorize the gas condensate Shah-Deniz Phase 2 development and sign the documents to fund the trans-Adriatic gas pipeline (TAP) will take place in Baku.

 The governmental delegations from Italy, Albania, Greece, Bulgaria and UK will attend the ceremony.  The EU Energy Commissar Gunter Oettinger will also visit Baku.—0--