October 6, 2016
Egyptian rebar demand has recovered following a weak second quarter, rising 15% on-year and 35% on-quarter in Q3, but the delayed natural gas price reduction for steelmakers is unlikely to materialize, according to EFG Hermes.
Natural gas pricing and foreign exchange (FX) availability remain “pivotal” factors to the performance of Egyptian steelmakers, the investment bank says in a note seen by Kallanish, the sister publication of Kallanish Energy.
“We remain sceptical that (the gas price reduction) would occur,” it continues. “As for FX, Egypt continues to suffer from a lack of availability, which is holding back steel raw material imports, but has also kept finished steel imports at bay and allowed local players to pass on EGP devaluation, despite taking a hit on outstanding FX debt.”
Fri Sep 23, 2016 11:50am GMT
BAKU, Sept 23 (Reuters) - Azerbaijan's state energy company SOCAR plans to hold talks with Greek officials over a deal to buy Greek natural gas pipeline operator DESFA, SOCAR's president said on Friday.
In 2013, SOCAR agreed to 66 percent of the crisis-hit gas supply grid operator for 400 million euros ($448.5 million). But the deal stalled after SOCAR was ordered to sell 17 percent of DESFA to a third party to satisfy EU competition authorities.
Complicating the sale further, Greece passed a law in July raising DESFA's gas tariffs from next year by a much lower amount than expected.
"Our delegation will hold negotiations in Greece on September 27-28," Rovnag Abdullayev told reporters.
Sat Sep 3, 2016 4:41pm GMT
ATHENS, Sept 3 (Reuters) - Azerbaijan's state energy company SOCAR wants to go ahead with a deal to buy Greek natural gas pipelines operator DESFA and has not taken any decision to pull out of the process, its chief executive in Greece said in a newspaper interview published on Saturday.
SOCAR agreed in 2013 to buy a 66 percent stake in the crisis-hit gas supply grid operator for 400 million euros ($448 million). But the acquisition has stalled since SOCAR was ordered to sell on 17 percent of DESFA to a third party to satisfy the EU competition authorities.
Complicating the sale further, Greece passed a law in July which raised DESFA's gas tariffs from next year by a much lower amount than expected, a move which SOCAR said has dramatically reduced DESFA's value and put the deal at risk.
22.08.2016 10:42
Between the Greek government and SOCAR (the State Oil Company of Azerbaijan) there are new frictions over acquisition of gas transmission company DESFA.
According to www.capital.gr, one of frictions – tariff policy, which among others affects the income from DESFA sale to foreign investors.
So, the Energy Ministry of Greece has made a number of amendments to the DESFA tariff policy without foreign investors’ consultations. The Greece media believes that commencement of tariff policy amendments may compromise the company privatization.
According to some reports, the SOCAR insisted on the DESFA value adjustment in case of any changes in the company assets. As a whole, the Greek government seeks to change the DESFA privatization model and to accept instruction on the sale of minority stake to a strategic investor over MOMCC model that may withdraw the SOCAR from negotiations,” web-portal writes.
