The Board of Directors of Hellenic Petroleum SA, Greece’s largest refiner, has approved Azerbaijan’s state oil company SOCAR’s improved offer of €400 million regarding the privatisation of 66% of the Hellenic Gas Transmission System Operator (DESFA), a source in Hellenic Petroleum told New Europe on 2 August, following the board meeting.
Hellenic Petroleum was expected to issue a statement through the Hellenic Exchanges Group soon.
Out of the 66% stake in DESFA, 31% is owned by Hellenic Republic Asset Development Fund's (HRADF) and 35% is owned by Hellenic Petroleum.
On 1 August, HRADF accepted SOCAR’s improved offer of €400 million for DESFA. HRADF said in an e-mailed statement, “it is very pleased to welcome SOCAR in the Greek market, as one very important and strategic partner, who is expected to contribute decisively to the growth of the Greek economy”.
“In the long run, this deal is expected to induce multiple benefits to the Greek consumers and enhance competitiveness of the Greek industry,” Greece’s asset development fund said.
On 30 July, SOCAR along with Shah Deniz operator BP and France’s Total, exercised its option to join the Trans Adriatic Pipeline(TAP). BP and SOCAR have each taken a 20% share while Total has acquired 10%. In addition, Fluxys, a major gas transit operator in Europe, has opted to join TAP, taking a 16% stake in the project.
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