SOCAR Says Willing to Divest Part of Stake it Wants in Greek Gas Grid

Reuters

BAKU, Sept 18 (Reuters) – Azeri state energy company SOCAR, which aims to acquire a 66 percent stake in Greek gas grid operator DESFA, would be prepared to divest 16 percent to a European company, SOCAR's president said on Friday.

That is close to one scenario being looked at by Athens which would see SOCAR take a stake but then sell at least 17 percent of the firm to either the Greek state or a third entity to address European Commission competition concerns, according to one privatisation official.

"We are ready for negotiations with European companies over the sale of 16 percent," SOCAR President Rovnag Abdullayev told reporters.

The potential deal, which has been negotiated since 2013, would involve SOCAR buying the stake for around 400 million euros ($457 million) from the Greek state and Hellenic Petroleum .

SOCAR plans to resume talks over the deal in December following a parliamentary election in Greece set for Sept. 20.

Greece's privatisation agency said last month that a deal could be agreed by the end of the year.

Greece launched a privatisation plan following the country's 2010 bailout deal but progress has been limited and new doubts about deals were raised after Greece's leftist Syriza party took power in January.

($1 = 0.88 euros)

(Reporting by Nailia Bagirova; writing by Margarita Antidze; editing by Jason Neely)

 

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Drivers
Expertise: Heavy Machinery Operator|Rig Mover|Truck / HGV Driver
Location: Midland, TX
 
Wireline Operators
Expertise: Heavy Machinery Operator|Slickline|Wireline
Location: Midland, TX
 
Slickline Operators
Expertise: Heavy Machinery Operator|Slickline|Wireline
Location: Midland
 
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours