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Azerbaijan Buys 66 Percent of DESFA’s Stakes

State Oil Company of Azerbaijan (SOCAR) buys 66 percent stake in the Greek Gas Transportation Operator DESFA.

SOCAR confirmed on Friday that it has reached a principal agreement with Greek state asset privatization fund TAIPED for the acquisition of a majority stake (66 percent) in the country's natural gas transmission network operator (DESFA).

SOCAR President Rovnag Abdullayev released a statement: "This decision on purchasing DESFA is in true line with the existing high-level bilateral relationship between Greece and Azerbaijan as well as SOCAR and Greece's leading energy companies. SOCAR has vast experience with natural gas pipeline systems in the Caspian region and is looking forward to start working in Greece as our first project of such type in the European Union. SOCAR is quite optimistic about the future of cooperation with Greece."

Source: News.Az 

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