SOCAR to sign agreement with Greece to purchase DESFA next week
BAKU. Dec 13 (Interfax) - State Oil Company of the Azerbaijani Republic (SOCAR) will sign an agreement next week with Hellenic Republic Asset Development Fund (HRADF) on acquisition of a 66% stake in natural gas distribution company DESFA, Azerbaijan's Ambassador to Greece Rahman Mustafayev told Interfax.
"The document will be signed during the visit to Azerbaijan by a Greek government delegation led by Prime Minister Antonis Samaras. The visit will begin on December 17," Mustafayev said. Samaras will meet with Azerbaijan's leadership to discuss development of bilateral cooperation.
SOCAR expects to assume control of DESFA in the second quarter of 2014, when the European Commission makes a final decision on the deal. HRADF approved sale of the 66% stake in DESFA to SOCAR on July 31, 2013 for 400 million euro. SOCAR will receive a 31% stake from the Greek government and 35% from Hellenic Petroleum SA. HRADF will control the 66% stake pending the transfer.