SOCAR Awaits EC Decision on DESFA Acquisition by June 2015

Azerbaijan’s SOCAR expects the European Commission to take a decision within the first half of 2015 on its proposal to acquire a majority stake in Greece’s DESFA.

‘In the context of the recent notification by SOCAR to the EU competition authorities of its proposed acquisition of a 66% stake in DESFA, the Greek gas transmission system operator, SOCAR now understands that the Commission is opening a “Phase II” in-depth investigation into the proposed transaction,’ reads a note released on Thursday. 

According to the Azerbaijani company, the Phase II investigation is normally carried out within 90 working days.

SOCAR said it is available for cooperation with the Commission to complete the process in the shortest possible time.