Companies & Finance

Fading hopes for SOCAR’s Greek gambit

Azerbaijan’s state player is determined to make a mark in Europe, but it appears to have made little progress in the past few years Azerbaijan’s state player is determined to make a mark in Europe, but it appears to have made little progress in the past few years.
By Paul Sampson 15 August 2016 0 21515
A platform in Azerbaijan’s Shah Deniz field. The country is finding it difficult to make progress in Europe. (BP plc)

Three years on from striking its deal to buy a stake in Greek transmission system operator DESFA, State Oil Company of Azerbaijan Republic (SOCAR) is still no closer to establishing a foothold in southeastern Europe. But while this may be a blow for Baku, it could be a shot in the arm for Gazprom.

SOCAR won a Greek government tender in July 2013 for the sale of a 66% stake in DESFA with a €400 million ($446.8 million) bid. However, the deal has still not been...