Following the results of the international tender announced earlier by the Hellenic Republic, SOCAR together with the Hellenic Republic Assets Development Fund (HRADF) and the ''Petroleum'' company signed an agreement on the sale of share package and shareholders agreement to acquire 66 percent share package of the Greek operator of gas transmission company DESFA on December 21.

Signed documents will come into force after being approved by the European Commission Directorate General for Energy and Antitrust Policy. It was noted at the signing ceremony that SOCAR’s purchase of a controlling share package of the company DESFA is of great importance from the viewpoint of enhancing the role of Azerbaijan in providing the energy security of Europe, as well as attracting foreign investments into Greece.

About Socar

The State Oil Company of the Azerbaijan Republic (SOCAR) is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, marketing petroleum and petrochemical products in domestic and international markets, and supplying natural gas to industry and the public in Azerbaijan. Three production divisions, two oil refineries and one gas processing plant, an oil tanker fleet, a deep water platform fabrication yard, two trusts, one institution, and 22 subdivisions are operating as corporate entities under SOCAR.

About DEFSA

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.