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SOCAR's Interest for DESFA'S expansion in the Eastern Europe

SOCAR's interest for DESFA's expansion in the Eastern Europe countries, by providing expertise for the natural gas management systems and the development of non-regulated services, was confirmed during the meetings in Athens between senior executives from the Azerbaijani company and DESFA's Management.

DESFA's Management Team, headed by the Chairman of the BoD, Dr. Panos Mavrokefalos and the CEO, Dr. George Paparsenos, briefed the Azerbaijani officials on DESFA's financial performance, its emergence as the 7th most profitable Greek company in 2012, the progress of the 1.6 billion euros investment program, the function of the domestic gas market, the interventions for expanding the company's revenues from non-regulated services, as well as its preparation for collaborating with Operators from other countries in Eastern Europe.

The informative meetings took place in the headquarters of DESFA in Chalandri, as well as, in the company's facilities in Patima, Elefsina and the Revithoussa Island, where, among other issues, the already routed investment for the construction of a third gas storage tank in the island was presented.

On behalf of SOCAR, Mr. Anar Mammadov, Director of Socar Georgia Gas, Mr. Nurlan Mustafayev, Deputy Head of the Division for Legal Support of International Projects in Socar and Mr. Timour Huseynov, Deputy Vice President for Finance & Economy in Socar Trading SA, expressed their satisfaction for DESFA's corporate image, its operation mode and the high level on human capital.

The three executives, who were accompanied by HE Mr. Rahman Mustafayev, Ambassador of the Republic of Azerbaijan to the Hellenic Republic, reaffirmed SOCAR's interest for DESFA to expand its activities in the Eastern Europe area, noting that the Greek company is a model company for Operators from other countries, as it was highlighted in the recent workshop "INOGATE", where Operators from other countries of the EU participated too.

It, also, became known, within the framework of the management meetings, that the expected first international cooperation agreement, which involves DESFA providing expertise to the Operator of Georgia, is due to be signed within September.

Furthermore, and, in connection with the recent agreements for transferring 66% of DESFA's shares to SOCAR, came up issues that have to do with the preparation of the arrival of SOCAR's Top Management in Athens on a visit, which is planned for the immediate future.