SOCAR to take control of Greece’s DESFA in 2014

The State Oil Company of the Azerbaijan Republic (SOCAR) will take control of 66% of Greece’s DESFA shares in Q2 2014, 1news.az reports.

The Greece Audit Chamber will start clearing operations in DESFA next week. It will be registered at the Agency for Energy Regulation of Greece and the European Commission.

The SOCAR and HRADF/TAIPED made a deal on purchase of 66% of DESFA shares. Greece plans to sell them for 400 million euro.

35% of DESFA shares belong to Hellenic Petroleum, 31% to the government. The latter will receive about 188 million euro.