Agreement on ACG block new contract can be achieved by the end of the year

Baku. 2 April. REPORT.AZ/ Talks are being held on signing new contract in regard with development of 'Azeri-Chirag-Guneshli' fields block, which locates in the Azerbaijani sector of the Caspian Sea.

Report informs, President of the State Oil Company of Azerbaijan Republic (SOCAR) Rovnag Abdullayev told reporters.

R.Abdullayev said that agreement can be reached till the end of current year: 'By year end, attraction of 2 bln. US dollars from investment banks for Southern Gas Corridor is planned'.

SOCAR President also touched upon the issue regarding the refusal of Belgium's 'Fluxys' from DESFA: 'No company removed from the operator. We are in the selection process. Belgium's company appealed, however, they refused to buy stake in DESFA. As for 'Snam' company we are cooperating with them'.

Notably, in 2013, offering 400 million EUR, SOCAR won the international tender held on sale of 66% shares of DESFA. However, the European Commission has expressed concern about the possibility of emergence of monopoly entity and started investigations. Based on emergence of monopoly entity, Greek officials stated their intention on selling 17% of holdings of shares to another company or to third group.

Italian 'Snam', Belgium's 'Fluxys' and Spanish 'Enaga' expressed their interest in these holdings and officially appealed to the Hellenic Republic Asset Development Fund (HRADF). However, last week Greek media reported that 'Fluxys' company refused to negotiate.