Greece – Turkey: New Power Deal

GREEK NEWS AGENDA)   Rising demand for electric power in Greece has prompted the sealing of an electricity deal between Greece and Turkey. The agreement provides the exchange of power between the two countries throughout the year for a two-year period. In particular, Greece will import up to 200 MW from Turkey during the summer and export it back to the neighbour country in the winter. Exchanges with Turkey started last year, although on a limited scale. The latest agreement “is proof that there is great potential for the countries to work together,” Minister of Development Christos Folias said. Public Power Corporation s.a.: International Interconnections

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Greece, Russia Forge Ties

(GREEK NEWS AGENDA)    Prime Minister Kostas Karamanlis met yesterday with President Vladimir Putin within the framework of an official visit of the Greek premier to Russia before the “changing of the guard” in Kremlin on May 7, when Putin hands over his position to President-elect Dmitry Medvedev. Karamanlis is accompanied by Foreign Minister Dora Bakoyannis, State Minister and government spokesman Theodoros Roussopoulos, as well as Development Minister Christos Folias. The strategic relation between Greece and Russia as well as the personal ties of mutual understanding between the two leaders were reiterated in a joint press conference, during which, Putin and Karamanlis announced the signing of an energy deal which consolidates Greece’s participation in the South Stream gas pipe, which will render Greece into an energy hub in its region. The South Stream project will transfer Russian gas under the Black Sea to Bulgaria before splitting in two branches. One branch will transfer the gas to Austria, while the other branch will head to Italy passing through Greek territory. Karamanlis stated that Greece opts for energy security combined with diversification both in sources and means of transport, given the country’s aggregated demand for energy supplies due to growing economic development.   

Greece: Energy Matters

(GREEK NEWS AGENDA)    Development Minister Christos Folias in an interview with Reuters April 16 said, that Greece has agreed to join Russian-backed South Stream gas pipeline which will take Siberian gas to southern Europe through Greece. The pipeline is a joint project by Gazprom and Italian ENI. Serbia, Bulgaria and Hungary recently joint the South Stream project. Countering views seen this project as a competitor to the long-stalled Nabucco pipeline, the Minister said: “I don’t want to see them as athletes competing against each other. I would say they are complementing each other and are offering Europe multiple energy providers, which is good.”  

Greece: Energy Relations

(GREEK NEWS AGENDA)   Greece and Azerbaijan will sign a four-party agreement on natural supplies with Italy and Turkey aimed at ensuring the successful completion of a Turkish-Greek-Italian natural gas pipeline project, as was announced on Tuesday.
Development Minister Christos Folias, who held a two-day visit to Azerbaijan, said that Greece would undertake a coordinating role towards this end by hosting a meeting in Athens in order to finalise the details of the agreement. The Greek minister and Ajeri industry and energy minister Natiq Aliyev signed a joint declaration, expanding a bilateral agreement signed in August 2007, which confirmed the energy partnership between the two countries. Greece and Azerbaijan agreed to intensify efforts aimed at creating a safe energy corridor for the supply of natural gas. Ministry of Foreign Affairs: Bilateral relations Greece – Azerbaijan

Greek Economic News in Brief

41 Measures against Profiteering

(GREEK NEWS AGENDA) The development ministry on Thursday unveiled a package of 41 measures aimed to combat excessive price hikes in domestic markets, in cooperation with the other responsible ministries and local authorities. Presenting the measures, Development Minister Christos Folias said the targets will be measurable, and that the aim is the operation of a “free and fair market.