SOCAR sells 17% of its stake in DESFA

​By the end of September it will be clear who will acquire a stake in DESFA.

SOCAR sells its 17% stake in DESFA.

Thus SOCAR will reduce its stake to 49%, which is maximally possible, according to the EU Commission’s requirements.

Currently the negotiations with Snam (Italy) on the purchase of 17% in DESFA are held as well as with Fluxys (Switzerland)  Gasunie (the Netherlands) on their joint participation in the registered capital. The variant of selling 17% to Snam is more preferable.

SOCAR purchased 66% in DESFA for 400 mln euro having won in the tender in June 2013. The EU Commission hasn’t approved the deal as yet. Baku considers DESFA to be the key company for the TAP project on gas supply from the Shakh-Deniz via Turkey and Greece to the south of Europe.