Socar says it may look elsewhere than DESFA

Azeri state energy giant Socar is contemplating the possibility that its deal to acquire a controlling stake in the Greek natural gas transmission network operator (DESFA) may fall through following the intervention of the European Commission this week.

Socar Chief Executive Officer Rovnag Abdullayev stated on Friday that “the process is more complicated when it come to European Union member states. With Greece being an EU member, we also have to go through this procedure. The relevant work is under way and Greece needs this particular sale. Otherwise, there are many other places for investments and more profitable projects, but Greece is interested in this,” said the Socar head.

This is the first time that the Azeri side has expressed any doubt about the completion of the acquisition which has remained pending for 17 months. It is also the first time it has distanced itself from the handling and development of the issue to date.

Subscribe to our Newsletters

Enter your information below to receive our weekly newsletters with the latest insights, opinion pieces and current events straight to your inbox.

By signing up you are agreeing to our Terms of Service and Privacy Policy.