SOCAR continues negotiations with DESFA

Baku: APA-Economics. SOCAR continues negotiations with the Greek Natural Gas System Operator (DESFA), said the SOCAR President Rovnag Abdullayev.

According to him, the prolongation of the negotiations was caused by hard bureaucracy in Europe: “A big group of the SOCAR is working on this project”.

Abdullayev noted that the new Greek government respects decisions passed by the previous government: “We also respect this decision. This is a profitable project and plays an important role in development of Azerbaijani gas in the future. European gas exporting companies are different and we must operate in accordance with those laws.”

On July 31, 2013, HRADF accepted SOCAR’s improved offer of €400 million for DESFA. HRADF said in an e-mailed statement, “it is very pleased to welcome SOCAR in the Greek market, as one very important and strategic partner, who is expected to contribute decisively to the growth of the Greek economy”.

Out of the 66% stake in DESFA, 31% is owned by Hellenic Republic Asset Development Fund’s (HRADF) and 35% is owned by Hellenic Petroleum.