Rovnag Abdullayev

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.

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.

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.

Azerbaijan's state energy company Socar plans to hold talks with Greek officials over a deal to buy Greek natural gas pipeline operator DESFA, Socar's president said on Friday.

Azerbaijan's state energy company, SOCAR, plans to go ahead with a deal to buy Greek natural gas pipelines operator DESFA, but says that its price should be reduced, SOCAR's president said Sept. 5.

In 2013, SOCAR agreed to buy a 66 percent stake in the crisis-hit gas supply grid operator for 400 million euros ($446.3 million).

Azerbaijan's state energy company Socar plans to go ahead with a deal to buy Greek natural gas pipelines operator DESFA but says that its price should be reduced, Socar's president said on Monday.

Azeri state energy company SOCAR plans to sell part of its stake in Turkish petrochemicals company Petkim to cash in on a rise in its share price, SOCAR?s president was quoted as saying by Azeri news agency APA-Economics on July 22.

SOCAR-Turkey has built a 65 percent holding in Petkim since 2007, most recently adding a 10 percent stake bought from the state in 2012.

Azerbaijan?s national oil company SOCAR is planning to invest $10 billion in Turkey?s petrochemical firm Petkim over the next seven to eight years, SOCAR said on May 12.

Energy giant BP signed an agreement on March 13 to acquire a 12 percent stake in the Trans-Anatolian Natural Gas Pipeline Project (TANAP).

By Chryssa Liaggou

Azeri state energy giant Socar is contemplating the possibility that its deal to acquire a controlling stake in the Greek natural gas transmission network operator (DESFA) may fall through following the intervention of the European Commission this week.