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Fluxys Intends to Buy up to 8 percent of SOCAR’s Shares in DESFA

The Belgian company Fluxys intends to acquire up to 8 percent of a 66 percent share that SOCAR (State Oil Company of Azerbaijan) will buy from the Greek gas operator DESFA.

According to the sources, Fluxys has already notified SOCAR about its desire to acquire up to 8 percent stake in DESFA.

"A similar notice was sent to the Hellenic Republic Asset Development Fund, HRADF," the media wrote.

Earlier, SOCAR President Rovnag Abdullayev said that SOCAR is ready for talks with European companies on selling the 16 percent share in Greek DESFA gas transmission system operator.

It was also reported that Belgian Fluxys, Dutch Gasunie and Italian Infrastrutture Trasporto Gas and Snam Rete Gas claim for a 17 percent stake in DESFA.

SOCAR won a tender in December 2013 on the sale of 66 percent share in DESFA for 400 million euros.

The European Commission started an inquiry into the compliance of the deal on acquisition of a stake in DESFA with the EU's regulations In November 2014. Currently, the deal is being considered by European Commission's Directorate-General for Competition, and the procedure will last until late 2015.

SOCAR is the sole producer of oil products in Azerbaijan. It has two oil refineries and filling stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland. The company is the co-owner of the largest Turkish petrochemical complex, Petkim, and other assets in Turkey.

Source: Trend

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