SOCAR

Oil major BP has agreed with Azerbaijan to extend a contract to develop the country's biggest fields by a quarter of a century to 2050 in a move to unlock billions of dollars of fresh investments in the Caspian Sea deposits.

A few hours after the breakdown in talks between Athens and Azeri state company Socar concerning the acquisition of a 66 percent stake in DESFA by the latter, it became known that Greece's gas grid operator has attracted the interest of its Romanian peer Transgaz, while the interest of Belgian operator Fluxys remains unchanged. This creates expectations for a successful new tender.

Azeri state energy company Socar said on Thursday its failure to reach an agreement on buying a 66 percent stake in Greek gas grid operator DESFA would not affect its investment plans in Greece and the region.

The Greek Energy Ministry had said on Wednesday Socar's proposal to reduce the price of the 400-million-euro deal was unfeasible.

[Reuters]

Greece said on Wednesday that talks to sell a 66 percent stake in gas grid operator DESFA to Azerbaijan's Socar did not conclude successfully.

The country's energy ministry said Socar's proposal to reduce the price of the 400 million euro deal was legally unfeasible and would cancel the tender.

The saga that is the privatization of gas grid operator DESFA has been lengthened another month after Azeri state company Socar agreed to renew the letter of guarantee that was due to expire on Monday until the end of November.

DESFA's privatization is in the final stretch, as sources familiar with the process say that the agreement for the transfer of a 66 percent stake in Greece's natural gas grid operator to Azeri firm Socar will be sealed before the October 31 deadline.

The 23rd World Energy Congress 2016, which will bring together more than 10,000 participants from 85 countries, including 250 ministers and top decision-makers in energy, started in Istanbul on Oct. 9. 

Azerbaijan's state oil company SOCAR has assured the Bulgarian side that gas deliveries to Bulgaria can begin in 2020, announced Deputy Energy Minister Zhecho Stankov after a meeting with the management of SOCAR in Baku, reported BNR.

Bulgarian and Azerbaijani officials are set to discuss the prospects for gas deliveries at an intergovernmental session on Thursday and Friday, Energy Minister Temenuzhka Petkova has said.

Petkova will not be attending the discussions, with Economy Minister Bozhidar Lukarski heading the delegation.

Azerbaijan's state energy company Socar has agreed to extend a letter of guarantee for its acquisition of Greek gas network operator DESFA by a month, the office of the prime minister said on Tuesday.