Major stake in Greek gas company DESFA sold to State Oil Company of Azerbaijan

The State Oil Company of Azerbaijan (SOCAR) signed an agreement over the weekend to purchase 66 per cent stock in Greek gas distribution state company DESFA with the Greek State Property Management Foundation and Petroleum Company.

The sale is part of Greece’s state asset sale program originating from its EU-IMF bailout obligations.

The signing ceremony took place in the presence of energy minister Yiannis Maniatis and deputy minister Asimakis Papageorgiou. Abdullayev had a meeting with Greek prime minister Antonis Samaras at the PM’s office, on the sidelines of the signing.

The documents signed on December 21 will come into force after their approval by European Commission Directorate General for Energy and Antitrust Policy which is expected in the second quarter of 2014.

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