President of Azerbaijan visits Athens to discuss TAP development

The Azerbaijani President Ilham Aliyev will be in Athens on Monday and Tuesday in order to discuss the construction of the TAP pipeline…

The Azerbaijani President Ilham Aliyev will be in Athens on Monday and Tuesday in order to discuss the construction of the TAP pipeline and the SOCAR’s acquisition of 66% of DESFA. Also on the agenda is the 1.5 billion euro investment for the construction of the natural gas pipeline.

The goal is for Greece to act a hub that will supply the Southeastern European countries and developing further pipelines, such as the planned IGB project that will connect Greece and Bulgaria next year.

While the agreement for the acquisition of DESFA’s 66% of shares was agreed upon about six months ago, the deal has not been signed due to the European Commission’s insistence that SOCAR will observe the relevant European legislation, which stipulates that a natural gas pipe-line owner cannot trade in natural gas. The member states have refused to sign such interstate deals and the Commission is now looking into alternative options.

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