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Greece accused European Commission of delay of sale of SOCAR’s share in DESFA

Greece accused European Commission of delay of sale of SOCAR’s share in DESFA
29.07.2016

Greek Minister of Environment, Energy and Climate Change Panos Skurletis has accused the European Commission of delay of the deal to sell share of State Oil Company of Azerbaijan (SOCAR) in the Greek operator DESFA, reported Greek media.

In his speech in Greek parliament Skurletis said that some conditions laid down by the European Commission have significantly delayed privatization of the gas operator. In particular, reduction of SOCAR’s share in DESFA to 49% will lead to the fact that the company will become a passive shareholder with no right to vote in the company’s management.

Deputies of Greek parliament mentioned that the problems with DESFA privatization could deprive economy of the country of significant financial inflows of SOCAR.

In 2013 SOCAR won the tender to sell 66% share in DESFA for 400 million Euro. SOCAR will buy 31% share from the Greek government and a full package of 35% from Hellenic Petroleum.


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