Thursday October 30, 2014 Search
Weather | Athens
19o C
12o 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)  
Germany denies backing proposal for Greece to exit aid program
Boy, 13, dies after falling from fifth floor in Thessaloniki
Civil servants to be investigated for transferring money abroad
Tsipras to meet with BoG governor on Thursday
Italy, Greece banks lead Europe decliners amid capital concerns
Italian and Greek banks led stock declines among the region’s lenders after European Banking Authority Chairman Andrea Enria said stress tests completed last week aren’t foolproof and more m...
European stocks tumble as banks decline after Enria’s comments
European stocks retreated, erasing earlier gains, as banks from peripheral euro-area nations tumbled. U.S. index futures and Asian shares also declined. The Stoxx Europe 600 Index fell 0.7 p...
Inside Business
BASKETBALL
Panathinaikos and PAOK retain perfect record
The third round of games in the Basket League over the weekend saw PAOK overcome the strong resistance of host KAOD at Drama, and Panathinaikos and Olympiakos inflict heavy losses on AEK and...
SOCCER
Gattuso recalls resignation from OFI bench
Gennaro Gattuso has recalled his resignation from the OFI Crete bench following pressure by the club’s fans and administration, one day after his quitting accusing the club and its players o...
Inside Sports
COMMENTARY
Time is running out in Afghanistan
Thirteen years after the attacks on the Twin Towers and NATO's entry into the war in Afghanistan, things remain pretty much unchanged: Political instability and insecurity  reign in the Cent...
COMMENTARY
Cool heads required
It’s time for Athens and Nicosia to deal with the current situation in Cyprus’s Exclusive Economic Zone (EEZ), which a Turkish seismic research vessel has breached against international law,...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Germany denies backing proposal for Greece to exit aid program
2. Boy, 13, dies after falling from fifth floor in Thessaloniki
3. Italy, Greece banks lead Europe decliners amid capital concerns
4. Civil servants to be investigated for transferring money abroad
5. European stocks tumble as banks decline after Enria’s comments
6. Tsipras to meet with BoG governor on Thursday
more news
Today
This Week
1. Greek euro dilemma is back as minister predicts volatility
2. Students hijack university senate meeting
3. Clientelism belongs to the past, says Mitsotakis
4. Peripheral banks lead European shares lower after positive start
5. Over 1,500 buildings and vehicles damaged in flash floods
6. Tsipras to meet with BoG governor on Thursday
Today
This Week
1. At least 11 banks to fail European stress tests, three in Greece, report says
2. Austria’s creative bookkeeping beats Greece on secret debts
3. Cyprus to block Turkey's EU talks after EEZ violation
4. End of reason, end of humanity
5. Clean bill of health for Greek banks from stress tests
6. Samaras pledges action after flash floods in Athens
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.