SOCAR Ready to Sell 16% of DESFA

Should it manage to acquire the 66% stake negotiated since 2013, Azerbaijan’s SOCAR said it could sell 16% of Greek gas grid operator DESFA to a European company.

"We are ready for negotiations with European companies over the sale of 16 percent," SOCAR President Rovnag Abdullayev told Azeri newspapers on Friday, suggesting that it wants to keep a majority stake in DESFA.

In 2013, the Hellenic Republic Asset Development Fund gave the green light to SOCAR’s purchase of a 66% share in DESFA for €400 mln.

At the moment, the Greek government holds 31% of DESFA’s share, while Hellenic Petroleum has a 35% stake.

Abdullayev also confirmed what Greek authorities said in August - the parties could reach a deal by the end of the year. 

"We are determined to purchase 66 percent shares, and we do not expect a change in this matter,” Abdullayev added.