The deal for the sale of 66% stake in Greek gas grid operator DESFA eventually did not go through, according to the statement from the Greek energy ministry.
The message said the talks to sell the share to Azerbaijan’s state oil company SOCAR did not conclude successfully.
“In the last months the government has been in ongoing talks with representatives of SOCAR and Snam for the sale of 66% of DESFA. The atmosphere was constructive. Nevertheless, the offer submitted on the part of the prospective buyers regarding the reduction of the sale price (repayment in installments) was legally impossible and would have invalidated the tender”, the Greek energy ministry said on its website.
SOCAR won a tender in 2013 on the purchase of a 66% stake in DESFA for 400 million euros.
The Azerbaijani company will obtain a 31% stake from the Greek government and will buy a 35% stake in the Hellenic Petroleum.
It is expected that the deal will be closed only after the purchase of at least a 17% stake out of SOCAR’s 66% by Italy’s Snam. (Trend/Business World Magazine)