Hellenic Petroleum

 Hellenic Petroleum, Energean Oil submit offers for areas in western Greece as foreign firms opt out of tender

By Chryssa Liaggou

Greek companies Hellenic Petroleum and Energean Oil are the only suitors in the tender to survey for and utilize hydrocarbons in three land blocks in western Greece, the Energy Ministry announced on Friday.

Only two domestic energy companies, Hellenic Petroleum (EL.PE) and Energea Oil, tabled bids on Friday for onshore oil exploration in three blocks of western Greece.

Previous reports holding that Italian multinational ENEL would withdraw from the bidding proved true.

Shell, Total and Repsol had initially shown some interest as well.

By Chryssa Liaggou

The year ended in the Greek stock market with annual losses of 29 percent for the benchmark, but Wednesday provided an unexpected rise to prices that left some observers wondering what it is they may have missed and the traders have already in mind.

Greek stocks presented a mixed picture on Tuesday, as banks and most blue chips headed south, while mid-caps and small-caps enjoyed gains and turnover slid to a more subdued holiday level.

The Athens Exchange (ATHEX) general index closed at 819.81 points, shedding 0.45 percent from Monday’s 819.81 points.

Posting the lowest trading volume in 15 sessions, it was clear at the Greek stock exchange on Monday that investors were waiting for Tuesday’s presidential vote in Parliament, while the small increases registered by the majority of stocks showed that the market is still keeping its collective cool.

Turnover at the Greek bourse slumped to a 14-month low on Monday as investors hold back due to the uncertainty hanging over negotiations between the government and its creditors.

The Athens Exchange (ATHEX) general index ended at 881.76 points, shedding 1.01 percent from Friday’s 890.74 points. The large-cap FTSE/ATHEX 25 index contracted 1.11 percent to 284.65 points.

The local stock market saw little reason to buy into Friday’s news of the country’s official return to growth, with the weak momentum abating but taking the benchmark just over 890 points while trading volume ended at the lowest level of the last seven sessions.

Greece’s biggest oil refiner Hellenic Petroleum said on Monday its third-quarter core profit almost doubled year-on-year, helped by improved refining margins and production.

Adjusted earnings before interest, tax, depreciation and amortization (EBITDA), which strips out inventory losses, rose to 146 million euros from 74 million euros in the same period last year.

The bourse benchmark managed to recover most of the losses incurred during Thursday’s session at Athinon Avenue, having dropped as low as 966 points, to close at just over the 990-point mark.