Greek authorities are trying to overcome obstacles in completing the privatization of DESFA (National Natural Gas Transmission Operator) and to persuade the European Commission to lift its reservations in a deal to transfer the majority stake (66 pct) of DESFA to Socar, the Azeri natural gas group.
The tender for the privatization of DESFA was concluded in 2013 with the signing of an agreement for the transfer of a majority stake to Socar for 400 million euros, nevertheless, the transaction has not be completed because of reservations presented by competition authorities in the European Commission. The proposal examined for the lifting of reservations envisages the transfer of 17 pct of shares from Socar to a third investor, reducing the Azeri stake to 49 pct. Latest information say that the stake to be transferred to a third investor could be even larger, up to 25 pct of DESFA, reducing Socar’s stake to 41 pct and the Greek stake remaining the second largest shareholder with a 34 pct equity stake.
The same sources disclosed that the Environment and Energy ministry dismissed talk of big increases (up to 66 pct) in duties by the operator’s network. DESFA’s board is also expected to be changed, with Antonis Natsikas, chairman of the company, to be replaced by Sotiris Nikas.
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