Sunday October 26, 2014 Search
Weather | Athens
17o C
13o 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)  
Samaras pledges action after flash floods in Athens
No court hearings for civil cases
Greece’s lenders seem adamant that gov’t must act on bailout commitments
Future of Attica trash set to become clearer
Nicosia says reforms are bringing results
Economic reforms in Cyprus are starting to yield results, the government said on Saturday after one credit-rating agency upgraded its rating and a second its outlook for the bailed-out count...
TAIPED waits for green light from Eurostat
Eurostat has frozen the securitization of properties that the Hellenic Republic Asset Development Fund (TAIPED) had been planning. The project, drafted to bring some 400 million euros into t...
Inside Business
BASKETBALL
A win is a win is a win for Olympiakos
A bad Olympiakos defeated a worse Laboral Kutxa 63-57 to make it two out of two in the Euroleague on Friday. In a game where the two teams had an overall field goal rate of about one in thre...
SOCCER
Panathinaikos snatches point at Eindhoven
Panathinaikos offered its fans a glimpse of its glorious past in European competitions snatching a draw at PSV Eindhoven, on an otherwise bad night for Greek soccer in the Europa League, as ...
Inside Sports
COMMENTARY
End of reason, end of humanity
The effects of a slew of new and increased taxes introduced since the start of the crisis were first observed in the wages of those still fortunate enough to have jobs, who saw their take-ho...
EDITORIAL
Banks need to step up
What has been leaked so far regarding the results of the stress tests on Greece’s lenders, which are due to be published on Sunday, appears positive. Greece needs a healthy, private banking ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Nicosia says reforms are bringing results
2. Samaras pledges action after flash floods in Athens
3. No court hearings for civil cases
4. Greece’s lenders seem adamant that gov’t must act on bailout commitments
5. Future of Attica trash set to become clearer
6. Policeman admits to murder of his cousin-in-law
more news
Today
This Week
1. End of reason, end of humanity
2. Samaras pledges action after flash floods in Athens
3. Banks need to step up
4. Greece’s lenders seem adamant that gov’t must act on bailout commitments
5. No court hearings for civil cases
6. Nicosia says reforms are bringing results
Today
This Week
1. The past, present and future of the Greek debt crisis
2. Greece’s closed society is central to its current malaise
3. Greece must stick to reforms, says Schaeuble
4. At least 11 banks to fail European stress tests, three in Greece, report says
5. Cyprus to block Turkey's EU talks after EEZ violation
6. Stop moaning and get in the game
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.