Azerbaijani state oil company SOCAR expects compromise proposals from the Greek government for the successful completion of the deal on acquisition of a stake in Greece’s gas transmission system operator DESFA, Director General of SOCAR Energy Greece Anar Mammadov reported.
He said that the new rules for calculating tariffs for gas in Greece would have a negative impact on the profitability of DESFA.
“Under the new conditions, the project ceases to be as interesting to us as it has been”, Mammadov said. “Therefore, we are ready to work together with the Greek government and offer them a compromise. We are currently interested in the project, but it must be also reasonable from a commercial point of view, and under the new conditions, SOCAR may not be quite ready for privatization”.
Mammadov added that SOCAR expected to get Greece’s counteroffer.
“The Greek government has been informed about our position,” he said. “If it is interested in completing the process, it has to show it”.
“We do not intend to apply to the court, but there is a probability that we will have to abandon this project”, he added. “SOCAR is ready to fulfill all its commitments but on the same terms”.
“The warranty letter of the tender will expire on September 30”, he said. “It is a simple procedure to extend it, but at present we do not see enough reasons to do this. At the same time, SOCAR hopes for a compromise in this issue”.
He added that according to the preliminary estimates, at new tariffs the Greek company would lose 40-50% of its value. (Trend/Business World Magazine)
