SOCAR extends tender term on DESFA deal

Azerbaijan’s state oil company SOCAR made a decision to extend the term of a letter of guarantee on the tender to buy a 66-percent stake in the Greek national gas transmission system operator DESFA for another month, a source in SOCAR told Trend November 2.

"We are trying to find a mutually acceptable solution," the source added.

In September 2016, SOCAR already extended the term of a letter of guarantee on the tender to buy a 66-percent stake in DESFA until Oct. 31, 2016.

SOCAR won a tender in 2013 on the purchase of a 66-percent stake in DESFA for 400 million euros.

The Azerbaijani company will obtain 31 percent from the Greek government and will buy the complete package of 35 percent of the Hellenic Petroleum.

It is expected that the deal will be closed only after the purchase of at least a 17-percent stake out of SOCAR’s 66-percent stake by Italy’s Snam.