A PYMNTS Company

EU: Greek gas buyout catches EC attention

By  |  November 5, 2014

Plans to acquire Greece’s two-thirds of natural gas transmission network operator DESFA have caught the attention of the European Commission, which said Wednesday that it is probing the transaction.

According to reports, state-owned SOCAR, based in Azerbaijan, is looking to acquire the Greek company for about $500 million. The buyout would allow Azerbaijan to transport gas to Italy as it passes through Turkey, Greece and Albania, adding to Azerbaijan’s Trans-Adriatic Pipeline plans.

Those plans, reports say, aim to reduce Europe’s dependence on Russian oil.

But the Commission is reportedly concerned the takeover could “reduce competition on the upstream wholesale supply market for natural gas in Greece.” The watchdog will decide whether to block the deal by March 23, 2015.

Full content: Europe Online

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