TAIPED awaits Socar’s letter of guarantee

State privatization fund TAIPED is still awaiting a letter of guarantee from Azeri state energy company Socar, and as a result was not able to pronounce it the preferred bidder for the privatization of Greece’s natural gas transmission network operator (DESFA) on Wednesday.

TAIPED’s board did however approve Socar’s revised offer of 400 million euros and forwarded it to the DESFA privatization consultants for inspection. The offer, officially tabled on Tuesday, concerns a 66 percent stake in DESFA but the guarantee of 40 million euros is still pending, although it is expected in the next few days, so that TAIPED can pronounce it the tender winner in the next 10 days. The remaining 34 percent will remain state property.

The fund also discussed and approved the privatization of rail carriage maintenance company Rosco yesterday, with the proclamation of the tender expected in the coming weeks. Fund officials noted that both Rosco and rail service operator Trainose have attracted great interest from companies in Russia, France and China.

Meanwhile, TAIPED approved the transfer of part of Hochtief’s holding in Athens International Airport to Canadian investors.

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