“The Commission opened an in-depth investigation in November 2014 to see whether the proposed acquisition of DESFA by SOCAR impedes competition on the Greek gas market. The deadline for the Commission to make a decision between the DESFA and SOCAR was suspended on 21 January, and has not been restarted yet. As part of our process, we have sent questions to SOCAR, and we are waiting for the company send us complete and full replies. This means that it is premature to speculate on the final outcome of the review at this stage”, she said.
Currently, the Directorate-General for Competition of the European Commission is considering the issue on privatization of DESFA.
On July 31, 2013, the Hellenic Republic Asset Development Fund approved the transaction on purchase of 66% of DESFA shares by SOCAR for €400 mln.
In December, 2013, SOCAR and Greece`s state privatisation fund and Petroleum companies signed Contract on Shareholders and the Share Purchase Agreement (SPA).
SOCAR purchases 31% share of DESFA from Greek government, 35% from Hellenic Petroleum SA. HRADF will control share package of the DESFA prior to the SOCAR takes over control on it.
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