Friday March 27, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Brussels red tape holds up gas operator deal

 EC reluctant to recognize Socar as DESFA’s owner; Athens tries to force issue

The deal for Azeri natural gas company Socar to buy a controlling stake in Greece’s Natural Gas Transmission Network Operator (DESFA), which was agreed last year, is not near completion yet because of the European Commission’s reservations, diplomatic sources have told Kathimerini.

Greece’s privatization fund, TAIPED, accepted a 400-million-euro offer from Socar last summer for 66 percent of DESFA but since then the agreement has been caught up in Brussels red tape. The European Commission asked Socar to sign individual agreements with each European Union member state, declaring that it accepted the EU’s legal and regulatory framework on natural gas. As this would have been a tremendously lengthy process, requiring the approval of each national parliament, Brussels proposed the signing of an agreement between the EU and Azerbaijan. But this idea was also ditched.

Then the Commission asked Socar to reduce its holding in DESFA to below 50 percent by selling 17 percent of the company to a third party. The Azeris refused to do this. Brussels insists this is the only way that the deal can comply with the EU regulation on the security of gas supply.

Greece has decided to try to force the Commission’s hand by having the Regulatory Authority for Energy (RAE) approve DESFA as an independent energy operator while recognizing Socar as the majority shareholder. This certificate has been sent to the Commission for its approval. EU regulations demand that Brussels respond within two months. If it does not reply, it is deemed to have accepted this development.

ekathimerini.com , Saturday Jul 5, 2014 (17:49)  
ND, PASOK say coalition signed up to tough terms
Greek defense minister heads to USA after controversy
Police find Xeros’s bomb-testing spot
Judges send 32 to trial for kickbacks in submarine deal
Bank deposits lost another 7.6 billion euros last month
Lenders saw their customers’ deposits shrink further last month, Bank of Greece data showed on Thursday, while the flight appears to be continuing this month. On the bright side, the Europea...
Cash concerns keep Athens bourse action tight
Cash is drying up in the Greek market and this is being felt increasingly at the local bourse as well, as the benchmark saw all its Tuesday gains evaporate on Thursday on relatively low turn...
Inside Business
BASKETBALL
All is well that ends well for Olympiakos
Young Ioannis Papapetrou helped Olympiakos stage an impressive last-quarter performance to beat visiting Efes Anadolu 86-75 on Thursday and bring its Euroleague losing streak to an end. The ...
BASKETBALL
Reds survive KAO Dramas scare in Piraeus
KAO Dramas gave depleted Olympiakos a scare at the Peace and Friendship Stadium on Monday, but the league leaders eventually managed to get their 20th win in 21 games. The Reds won by 10 (72...
Inside Sports
COMMENTARY
Time to get moving
More than two months have passed since the elections and the government has to stop running around in circles and adopt a program of specific reforms, with detailed calculations as to their ...
COMMENTARY
A competent crew is key
Greek politicians are mostly strangers to technocratic management and deft bargaining. The political system has regrettably unraveled the country’s public administration – a process set in m...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. All is well that ends well for Olympiakos
2. ND, PASOK say coalition signed up to tough terms
3. Greek defense minister heads to USA after controversy
4. Police find Xeros’s bomb-testing spot
5. Judges send 32 to trial for kickbacks in submarine deal
6. Greek, Chinese FMs discuss deepening countries’ ties
more news
Today
This Week
1. Greece optimistic on deal with euro area next week
2. Opposition renews calls for minister to resign over legal cases
3. Greek foreign minister explores deepening of ties with China on Beijing visit
4. Fed's Bullard: Grexit would be a Greek issue, not a euro issue
5. Stathakis against scrapping tax breaks for islands
6. New Xeros safe house found near Athens, police say
Today
This Week
1. Next Monday is D-Day for state funds
2. Total victory is unattainable
3. EU asks Greece for more reforms to speed talks on bailout
4. PM faces Merkel amid race to detail reforms
5. New book by ex-US diplomat delves deeper into the recesses of Greek terrorism
6. Some more equal than others
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.