SOCAR

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

Athens-listed construction firm J&P Avax has landed a 125-million-euro project in Malta. The project comprises the study, construction and operation of an installation for the import of liquefied natural gas (LNG), its storage and gasification on the Mediterranean island.

By Chryssa Liaggou

Natural gas will be 20 percent cheaper for Greek consumers by March, while the first 5 percent drop in rates will come next month thanks to the significant decline in the commodity’s global prices, according to Environment, Energy and Climate Change Deputy Minister Makis Papageorgiou.

Shareholders in the Trans Adriatic Pipeline designed to carry gas from Azerbaijan to Europe via Turkey and Greece, are working to double its capacity, a Greek daily reports.

Their move comes against the background of Russia's decision to botch the South Stream project announced last week, Kathimerini writes.

By Chryssa Liaggou

Belgian natural gas network operator Fluxys is said to be eyeing the Greek gas grid, after signing an agreement on Monday with its Greek counterpart (DESFA) for the drafting of a study on the creation of a virtual gas hub in Greece, which would pave the way for the first regional gas hub in southeastern Europe.

Energy Minister Yiannis Maniatis in Tuesday announced state sell-off fund TAIPED’s proclamation of a tender for the creation of a natural gas storage facility at the South Kavala reserve in eastern Macedonia.

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.

Azeri state energy company SOCAR said it expected to close a deal to purchase Greek natural gas grid operator DESFA in early 2015, anticipating that it will clear an investigation by the European Commission.

SOCAR was the only bidder in a tender for DESFA last year, offering 400 million euros ($501 million) for a 66 percent stake.

Bulgaria should specify the point at which it will receive gas from Azerbaijan by 2020, the deadline for the completion of the Trans-Adriatic pipeline (TAP), according to Rovnag Abdullayev, President of the State Oil Company of Azerbaijan Republic (SOCAR).