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Greece needs privatization of DESFA more than SOCAR

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socar+desfaPrivatization of Greek DESFA natural gas transmission system operator is more needed for Greece than for the State Oil Company of Azerbaijan (SOCAR), Rovnag Abdullayev, president of SOCAR told reporters on Nov.7.

“Europe, Greece need this project more than we do,” Abdullayev said. “There are a lot of more profitable projects where we can make investments.”

SOCAR president added that all the issues, including the issue of competition have been agreed with the Greek government and were reflected in documents.

However, this issue has been raised at the EU level and this is a normal process, according to Abdullayev. “Currently, we work with them.”

European media outlets reported Nov. 6 that EU’s anti-monopoly authority started to check the impending deal on SOCAR’s acquisition of DESFA. The European officials fear that the competition level in Greece’s gas market will decrease.

SOCAR earlier said that the final approval of the deal worth of $400 million on acquisition of 66 percent share by the company in DESFA is expected to fall on early 2015.

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