SOCAR has been working closely with the European Commission (EC) to develop a mutually acceptable solution to address the specific concerns identified by the EC in its preliminary assessment of the proposed acquisition of DESFA.

The European Commission has “stopped the clock” on its formal review period, which will allow more time for the reaching of such a mutually acceptable solution, as well as for its review. Such a “time out” from the formal review period is not uncommon in EU merger cases. SOCAR continues to be encouraged by the progress that has been made to date in connection with the regulatory progress. The transaction remains subject to the EC approval.

About Socar

SOCAR is an integrated state oil & gas company of Republic of Azerbaijan and is involved in upstream, midstream and downstream operations encompassing exploration of oil and gas fields, production, processing and transporting oil, gas and condensate, marketing of petroleum and petrochemical products in domestic and international markets and supplying natural gas to domestic and industrial customers in Azerbaijan. SOCAR has its trading companies in Switzerland, Singapore and UAE and representative offices in a number of other countries.

About DESFA

The National Natural Gas System Operator (DESFA) S.A. was established on 30th of March 2007, following the provisions of law 3428/2005 on liberalization of the natural gas market. The above mentioned law aimed in the harmonization of Greek legislation with Directive 2003/55/EC. With this law DESFA was established as a subsidiary company of DEPA S.A. Also the Board of Directors of DESFA should be appointed and revoked by a joint decision of the Ministers of Economy & Finance and Development for a time period of 10 years from the establishment of DESFA.