Snam not keen to get share in DESFA without SOCAR

Baku. 21 September. REPORT.AZ/ Italian Snam company intends to jointly participate with the State Oil Company of Azerbaijan Republic (SOCAR) in privatization of Greece's gas grid operator DESFA.

Report informs citing the Greek media.

According to the information, yesterday Snam officials have met with officials of the Greek Ministry of Energy.

The media reports that SOCAR officials and representatives of the Greek government will also meet. Although exact date of the meeting is unknown, both sides intend to meet as soon as possible to resolve the issue.

Notably, in 2013, SOCAR has won international tender for sale of 66% stake in DESFA for 400 million EUR. Subsequently, however, the European Commission expressed concern over probability of creation of monopolistic entity and started investigations. The Greek government, on the basis of the principle of non-monopoly, offered to sell 17% stake to other company or third party. Snam company declared its interest in purchasing of 17% share package.

In July of this year, Greek Energy Minister Panos Skurletis has offered some changes to the existing legislation, which will directly affect to the business of DESFA. The amendments, approved by the parliament, dramatically reduces cost of DESFA and future profits.