TAIPED gives nod on Socar bid for DESFA

State privatization fund TAIPED’s governing board approved on Thursday Azeri state firm Socar’s revised offer for 66 percent of natural gas transmission network operator DESFA.

The transaction is expected to take place in October, bringing about 188 million euros to the Greek state for its 31 percent stake that is up for sale. The remaining 35 percent belongs to Hellenic Petroleum (ELPE), which is expected to issue its own verdict on the Socar offer on Saturday. The state will hold on to the other 34 percent to retain its status as a minority stakeholder.

The contract will be transferred to the State Audit Council after ELPE has also approved of the 400-million-euro bid. The State Audit Council can be expected to issue its own approval in about a month.

The DESFA revenues will bring TAIPED’s takings this year to more than 1 billion euros, including the OPAP and state lotteries projects.