Greek Embassy representative: SOCAR will acquire 49% stake of DESFA

Baku. 16 November. REPORT.AZ/ "A total of more than 8.000 new jobs will open during the construction of the TAP. Also 270.000 tons of steel pipes that will be used during the construction of the pipeline will be produced in Greece. This is very important for the industry of our country."

Head of Economic Section at the Greek Embassy in Azerbaijan, Vassilios Sitaras told Report.

He said that his country provides full support for realization of the Southern Gas Corridor (SGC). 

"You know very well that there is a strategic partnership unfolding between Azerbaijan and Greece, supported at the highest political level. H.E. the President of Azerbaijan Mr. I.Aliyev, during his last visit to Greece (in 2014), spoke of “a true partnership based on mutual trust. But it's not just confined to the energy sector. Southern Gas Corridor (SGC) project, which is the last and most important part of the Trans Adriatic Pipeline (TAP) project will start operating in 2020 and a big part of the pipeline will pass through Greece. We are confident that this project will create new jobs in our country and conditions for new investments to Greece”, V. Sitaras added. 

The Greece Embassy official stated that In general, they expect investment of about 2 bln USD during the construction phase of the pipeline: As officially stated by Greek Prime Minister Mr Alexis Tsipras, on May 17, 2016, we expect investment of about 2 bln USD during the construction phase. A total of more than 8.000 new jobs will open during the construction of the TAP. Also 270.000 tons of steel pipes that will be used during the construction of the pipeline will be produced in Greece. This is very important for the industry of our country."

V. Sitaras also commented on DESFA stake issues: "As I understand there are many issues related to the transaction of DESFA to SOCAR. SOCAR will own not 66%, as previously planned, but 49% of stake. It's not our decision but the European Commission's (Directorate General for Competition) and we have to respect it. Negotiations with SOCAR are now in the final stages, held by a special Committee appointed by our Prime Minister Mr. Tsipras in September 2016. Thus, I think, it will be one of the greatest successes of SOCAR in abroad. Also, the amount to be paid by SOCAR for DESFA will not be high, considering the huge assets of the company, like the Revithoussa LNG terminal."

He didn't comment on sum paid by the SOCAR for DESFA: "This is an issue to be settled during the ongoing final negotiations, so I cannot comment on it. It will certainly be a fair price for both sides."