Hellenic Petroleum

Rising stocks outnumbered those heading south on the local bourse on Thursday while the benchmark ended up virtually unchanged as early losses were offset by gains, mostly secured by outperforming mid-caps, as well as the OPAP gaming company, which is expected to profit on the World Cup that just started in Brazil.

The Greek bourse began the month of June with yet another session of healthy gains on the back of improved first-quarter corporate results along with growing confidence in the local market on the day that Eurobank and Viohalco returned to the blue chip index. Turnover remained above 200 million euros.

Unaffected by the country’s credit upgrade by Fitch, the Athens bourse benchmark spent most of the day on Friday hovering around Thursday’s level. However, it enjoyed a significant rise in the last couple of hours as confidence that Sunday’s elections will not harm political stability grew.

Greece on Wednesday approved a request by Italian energy major Enel to search for oil and natural gas in three onshore areas in the west of the country.

Other oil firms will now be invited to submit rival exploration offers for the same three blocks later this year, in line with Greece’s “open-door” hydrocarbons licensing rules.

Investments up to 800 mln near Ioannina, in the Patraikos Gulf and off Katakolo

By Chryssa Liaggou

Contracting consortiums signed on Wednesday the formal agreements with the Greek state for hydrocarbons surveying and utilization in three regions of the country, laying the groundwork for the creation of a new and promising market that will benefit the local economy.

Following 15 years of inactivity in the Greek hydrocarbons market, drilling in northern and western Greece was imminent following the signing of contracts in Athens on Wednesday. Drilling is expected to begin at Ioannina, northwestern Greece, offshore in the Patraikos Gulf as well as off the coast of Katakolo in western Greece.

The Aspropyrgos Refinery is set to receive natural gas supplies following a deal signed between its operator, Hellenic Petroleum, and the Hellenic Gas Transmission System Operator SA (DESFA) on Wednesday.

The project’s budget is estimated at 800,000 euros while the venture is expected to be completed by September.

Italy’s Enel has sought permission to explore for oil and gas in Greece, the Greek government said on Tuesday.

Enel has expressed interest in three onshore areas in the western part of the country, Greece’s Energy Ministry said, adding it would duly decide on the Italian company’s application.

By Chryssa Liaggou

French energy giant Electricite de France (EDF) expressed last week its interest in the privatization of Greece’s Public Power Corporation (PPC), just as the government is poised to sell off part of the electricity company under a scheme dubbed “Small PPC.”

By Chryssa Liaggou

Five embassies in Athens have already asked for the translation of a draft law on the break-up of Public Power Corporation, indicating an interest on behalf of investors in the so-called “Small PPC,” which is meant to rival Greece’s electricity giant once it is split into two.