European Commission postpones time of reviewing

25 November 2024

European Commission postpones time of reviewing SOCAR

18:25 19 December 2014 Read: 832

European Commission postpones time of reviewing SOCAR

European Commission`s Directorate-General for Competition has postponed the time of reviewing the deal on purchasing 66 percent of share in Greek DESFA gas transmission system operator by the State Oil Company of Azerbaijan (SOCAR).

Previously, it was assumed to take place before March 23, however, the final date has been extended until April 22.

European media outlets reported Nov. 6 that EU’s anti-monopoly authority started to review the impending deal on SOCAR’s acquisition of DESFA. The European officials fear that the competition level in Greece’s gas market will decrease.

SOCAR intends to purchase two-thirds of DESFA company for 400 million euros.

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