Greece backs out of gas deal pledged to creditors

The decision comes after three years of negotiations following an agreement in principle between Greece and Socar, under which the Azeri firm would acquire 66 percent of Desfa's capital for 400 million euros.

Greece backs out of gas deal pledged to creditors

World Bulletin / News Desk

Greece announced Wednesday it was pulling out of plans to sell control of Greek gas supplier Desfa to Azeri giant Socar, a deal pledged by Athens to its EU and IMF creditors.

"These discussions have ended," the Greek energy ministry said in a statement, referring to talks with Socar and Snam, the Italian group which has formed an alliance with the Azeri giant.

The ministry said Socar and Snam wanted to pay in installments, a proposal rejected as legally unworkable, leading to negotiations on "alternative options" which in the end came to nothing.

According to Greece's Ana news agency, the ministry may soon launch a tender for the sale, foreseen as part of a programme of privatisations demanded of Greece by its European Union and the International Monetary Fund (IMF) creditors.

Last Mod: 30 Kasım 2016, 23:15
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