INVESTMENT NEWS

200-Million-dollar Oil Exploration Project
Development Minister Costis Hatzidakis characterised a new  in the Kavala Gulf of northern Greece as "one of the most important investments in Greece at the moment." The project aims to exploit fossil fuel deposits in the North Prinos zone and is being undertaken by Kavala Oil and Energiaki S.A. The Minister stressed that the state supports healthy, large investments and underlined that this project is being carried out completely with private capital. According to company officials, the goal is production of 13,000 barrels of oil daily via three rigs above the “E” deposit of the North Prinos zone.

Committee of the Ministry of Development for Investment in RES
The Minister of Development established an ad hoc committee of energy specialists to examine the current progress of private investment in RES. The purpose of the committee, which has completed its task, was to study how electricity generation projects could proceed more efficiently, with fewer impediments, and by simplifying procedures. The committee was made up of representatives from ministries and organisations involved in the licensing and implementation of RES investments. In addition, representatives of private investors in RES, scientific bodies, legal advisors and specialists in the field of RES participated.
The committee’s conclusions and  proposals are being forwarded to special legal preparatory body in order to prepare the draft of the new legal framework for RES.
 
Deutsche Telekom Acquires Stake in Hellenic Telecommunications Organisation
Deutsche Telekom acquired an additional 3 percent stake in Hellenic Telecommunications Organisation (OTE) in a deal worth 442.3 million Euro, or 29.75 Euro per share, providing the German telecoms giant the management of the Greek telecoms organisation. Following this latest agreement between the Greek Government and Deutsche Telekom, since November 5, 2008 each side holds 25% plus one share in OTE share capital. The deal has a total value of more than 3.2 billion Euro. The Greek government said that a partnership with Europe’s largest telecoms organisation will strengthen OTE, both financially and technologically, and that the country’s telecommunications sector will be strengthened.
Hellenic Telecommunications Organisation (OTE S.A.) is Greece's largest telecommunications operator, providing services to consumers, Greek and foreign businesses, as well as public agencies. OTE is among the five largest listed companies, with respect to capitalization, in the Athens Stock Exchange and also trades on New York (NYSE) and London (LSE) Stock Exchanges.
 
COSCO Pacific Acquires Operation Rights of Greek Port
In an agreement valued at more than 4 billion Euro, COSCO Pacific, a subsidiary of the China Ocean Shipping (Group) Company, was granted 35 years of operation rights at the Piraeus Port of Greece (OLP). Cosco Pacific, the world's fifth-largest container port operator, will pay OLP a total of 4.3 billion Euro based on projected revenues, in annual installments, over the duration of the contract.
The port concession agreement, signed by COSCO Pacific and the Piraeus Port Authority, was approved by the Parliament of Greece on March 5. The Piraeus Port, the largest in Greece and a marine transportation hub in the eastern Mediterranean, handles over one million containers every year, making it a leading operator in turnover capacity in Europe. According to the agreement, COSCO Pacific is granted 30 years of operation rights for the four berths at Pier 2, capable of handling 10,000 TEU container vessels. COSCO Pacific are also granted 35 years of operation rights for the two berths to be built at Pier 3, capable of handling 10,000 TEU container vessels, at the Piraeus Port in Greece. According to COSCO, the agreement will also promote trade between China and Greece and help the two countries work together to deal with the financial crisis. Greece is the largest maritime nation in the world.

Olympic Airways Privatisation Agreement
The Greek government announced the successful conclusion of negotiations with Marfin Investment Group (MIG) for the sale of the national carrier Olympic Airways (OA). Under the agreement, the state is to receive 177.2 million Euro for all OA assets and operations.

Turkish Bank Expands to Greece
Ziraat Bank of Turkey officially inaugurated its first branch in Athens and a second branch unit in Komotini. Turkish Minister of State Nazim Mr. Ekren said the operation of Ziraat Bank in Greece will further contribute to the promotion of bilateral economic relations and further boost joint investments between Greek and Turkish businesses.
Mr. Ekren said the launch of Greek operations by Turkey's oldest financial institution - an investment budgeted at 18 million US dollars - was very significant, while he stressed that businesspeople from both countries were contributing to further improving relations between the two countries.
He also cited the increasing volume of trade relations between the two countries, at 3.5 billion US dollars in 2008. Commenting on the Turkish banking system, Mr. Ekren stressed that reforms made in the last few years have led banks to a very good situation.

ALDI Building Second Logistics Center
ALDI Hellas has begun construction of its second logistics centre, a l35, 233 square meter facility  in the Industrial Region of Patras. The German retailer’s investment is 30 million Euro and will supply stores in south and southwest Greece. It is expected that 200 jobs will be created at the new centre.
The company’s plans in Greece include the creation of five central storage and distribution areas and a nationwide network of 400 stores that will include a presence on Greek islands.