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--
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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