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SOCAR Purchases Major Stake in Greece NG Transmission System Operator

Source: www.gulfoilandgas.com 6/21/2013, Location: Europe

State Oil Company of Azerbaijan (SOCAR) is pleased to announce that it has reached the principal agreement with Hellenic Republic Assets Development Fund (HRADF/TAIPED) for the acquisition of 66% stake in Greece natural gas transmission system operator - DESFA. Both SOCAR and HRADF advisory teams are currently working on the final technical matters of the deal.

According to SOCAR President Mr.Rovnag Abdullayev: “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 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 in Greece”.

SOCAR was established in 1992. It is one of the largest oil companies which is involved in oil and gas field exploration, development, processing, transportation and marketing of petroleum and petrochemical products in domestic and international markets. The Company has more than 80 000 employees in the Republic of Azerbaijan and in many countries worldwide.

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