Conditions of DESFA acquisition will not change – Greece, 20 September 2016

At the meeting between the officials of Greek Ministry of Energy and the representatives of Italian company Snam, the officials informed that the Ministry will not make any changes regarding the conditions and price levels of the agreed acquisition offer of Greek natural gas transmission system operator DESFA.
This means that the agreed sale of 66 % stake in DESFA to State Oil Company of Azerbaijan (SOCAR) for the price of 400 million euros will remain unchanged, since the officials of the Ministry of Energy stressed that any changes will annul the tender. However, SOCAR considers that current conditions are not the same as the ones in 2013 when the tender was organized. According to SOCAR, the market value of the company dropped as a result of recent revenue-restricting measures taken by the Ministry of Energy. Recently SOCAR’s President Rovnag Abdullayev said that the adequate price for DESFA at the moment should be half of the initial price in 2013.

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