SOCAR buys 66 percent of Greek gas operator Desfa

09:00 | 23.12.2013
SOCAR buys 66 percent of Greek gas operator Desfa

SOCAR buys 66 percent of Greek gas operator Desfa

Azerbaijan's state-owned oil company SOCAR acquired a 66% stake in Greece's gas transmission network operator DESFA in a deal worth EUR 400 M.Under the contract, which was signed in Saturday, SOCAR acquires a 35% stake of DESFA owned by Hellenic Petroleum and a 31% stake of DESFA owned by the state privatization fund.The deal will be completed after the approval of national and EU regulatory authorities.The sale of the 66% stake is expected to create the preconditions for attracting additional capital for investments which are necessary for the upgrade of the company and for enhancing its competitiveness on the energy market.The deal is part of Greece's privatization program outlined in the international bailout planANN.Az
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