ECONOMY

Socar signs deal for acquisition of gas network operator DESFA

Azeri state energy company Socar signed on Saturday afternoon in Athens the agreement for the acquisition of a 66 percent stake in Greece’s natural gas transmission network operator DESFA.

In a ceremony held at a central Athens hotel, the president of the Azeri firm, Rovnag Ibrahim Abdullayev signed the deal with Greek signatories, Hellenic Petroleum and the state privatization fund (TAIPED). The sale of the controlling stake in DESFA will cost the Azeri giant 400 million euros.

The ceremony took place in the presence of Energy Minister Yiannis Maniatis and his deputy, Asimakis Papageorgiou.

In the context of the signing of the deal, Abdullayev had a meeting with Greek Prime Minister Antonis Samaras at the PM’s office, also in the presence of Maniatis.

The completion of the agreement is still pending the approval of national and European regulatory authorities.