SOCAR Confirms Interest in Acquiring DESFA Stake

Source: Reuters 8/26/2015, Location: Asia

Azerbaijan's state-owned oil company SOCAR had confirmed its interest in acquiring a stake in Greek gas grid operator DESFA, with a deal possible by the end of the year, Greece's privatisation agency said.

The potential deal, which has been negotiated since 2013, would involve SOCAR buying a 66 percent stake in DESFA for around 400 million euros ($457 million) from the Greek state and Hellenic Petroleum.

The European Commission has expressed serious concerns about the deal and has been reviewing it.

A Greek privatisation official has said that Athens was examining an option under which SOCAR would buy the stake and then divest at least 17 percent either to the Greek state or a third entity to address the EU's concerns.

Greece's privatisation agency HRADF and Hellenic Petroleum met SOCAR officials on Wednesday and all the parties reiterated their commitment to complete the deal as soon as possible, HRADF said in a statement.

Greece's privatisation plan has produced poor results since the country signed its first bailout in 2010 and many asset sales have been thrown in doubt since a leftist government took power in January.

Under a third rescue deal of up to 86 billion euros signed with its international lenders earlier in the month, Greece has promised to raise 1.4 billion euros from asset sales this year.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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