Azerbaijan’s state-owned oil company SOCAR has confirmed its interest in acquiring a stake in Greek gas grid operator DESFA, with a deal possible by the end of the year, Greece’s privatization agency said on Wednesday (26 August).

The deal, which has been under negotiations since 2013, would involve SOCAR buying a 66% stake in DESFA for an estimated €400 million from the Greek government and Hellenic Petroleum, according to Reuters and Euractiv.com.

The European Commission has expressed serious concerns about the sale, and has been reviewing it. Conversely, Azerbaijan has expressed concern over the Commission taking too long to decide if the deal is compatible with EU law.

A Greek privatization official has said that Athens was examining an option under which SOCAR would buy the stake, and then divest at least 17% either to the Greek government, or a third entity, to address the EU’s concerns.

Greece’s privatisation agency HRADF and Hellenic Petroleum met SOCAR officials on Wednesday, and all the parties reiterated their commitment to complete the agreement as soon as possible, HRADF said in a statement.