The Ministry of Energy of Greece plans to launch a new tender competition for privatising a 66% stake in national gas transmission grid operator DESFA in June 2017, as part of the bailout agreement approved with the European Union and the International Monetary Fund in August 2015.
Discussions between the Ministry of Energy of Greece and Azerbaijan’s state-owned oil company SOCAR on the sale of this 66% stake in DESFA failed over the price in late November 2016. The company had agreed a €400m price but sought a lower price (€260m) when DESFA's tariffs were raised less than expected. The transaction was also delayed due to an investigation by the European Commission on whether the acquisition by SOCAR would infringe EU competition rules: the Azerbaijan company was required to divest a 17% stake to a third party to retain only 49% and partnered with Italian company Snam.