Azerbaijan's Socar Buys 66% Stake in Greece's Gas Grid Operator

Azerbaijan's state-owned oil company SOCAR acquired a 66% stake in Greece's gas transmission network operator DESFA in a deal worth EUR 400 M.

Under the contract, which was signed in Saturday, SOCAR acquires a 35% stake of DESFA owned by Hellenic Petroleum and a 31% stake of DESFA owned by the state privatization fund, according to reports of ITAR TASS.

The deal will be completed after the approval of national and EU regulatory authorities.

The sale of the 66% stake is expected to create the preconditions for attracting additional capital for investments which are necessary for the upgrade of the company and for enhancing its competitiveness on the energy market.

The deal is part of Greece's privatization program outlined in the international bailout plan.

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