Tuesday, November 29, 2016

Greece again asks SOCAR to extend DESFA tender term - TREND NEWS AGENCY

29 November 2016 12:26 (UTC+04:00)Maksim Tsurkov, Baku, Azerbaijan

Hellenic Republic Asset Development Fund (HRADF) again requested from Azerbaijan’s state oil company SOCAR to extend the term of a letter of guarantee on a tender on SOCAR’s acquiring a 66-percent stake in the Greek national gas transmission system operator DESFA until Dec. 23, the Greek media reported Nov. 29.

It is reported that the HRADF appealed to SOCAR with the aim of proper execution of the DESFA privatization contract.

“Simultaneously, Greece’s Energy Ministry is in constant contact with SOCAR and aims to close the deal in the next two days, as the current letter of guarantee expires on Nov. 30,” according to the Greek media.
SOCAR twice extended the term of the letter of guarantee, in September and October, each time for one month.

SOCAR won a tender in 2013 on the purchase of a 66-percent stake in DESFA for 400 million euros.

The Azerbaijani company will obtain a 31-percent stake from the Greek government and will buy a 35-percent stake in the Hellenic Petroleum.

It is expected that the deal will be closed only after the purchase of at least a 17-percent stake out of SOCAR’s 66-percent by Italy’s Snam.