To­bacco grow­ers get boost from Philip Mor­ris

Kathimerini English - - Front Page -

The par­ent com­pany of Greek to­bacco firm Pa­pas­tratos, Philip Mor­ris In­ter­na­tional (PMI), is set to sub­mit a pro­posal to the Greek government for the pur­chase of 50 per­cent of Greek to­bacco pro­duc­tion in the three years up to 2015, in a bid to pro­vide fi­nan­cial sup­port to Greek grow­ers. The move was an­nounced fol­low­ing a meet­ing be­tween Pa­pas­tratos chair­man and chief ex­ec­u­tive of­fi­cer Nik­i­tas The­ofilopou­los and Prime Min­is­ter An­to­nis Sa­ma­ras on Wed­nes­day. The­ofilopou­los stated af­ter­ward that he had pro­posed that a co­op­er­a­tion agree­ment be signed by PMI and the Greek government for the pur­chase of half of the coun­try’s East­ern-type to­bacco pro­duc­tion by 2015. The pro­posal will be submitted shortly to the Agri­cul­tural Devel­op­ment Min­istry “and we are hop­ing we can rapidly pro­ceed to its im­ple­men­ta­tion,” said The­ofilopou­los. A source has told Kathimerini that the of­fer to be pre­sented to the min­istry will be worth up to 150 mil­lion eu­ros and will pro­vide strong sup­port to lo­cal to­bacco pro­duc­ers for the next three years as the multi­na­tional group will feed its pro­duc­tion plants around the world with Greek raw ma­te­ri­als. “We have his­toric links with Greek to­bacco grow­ers, who have been harmed by the fi­nan­cial cri­sis,” said the chief of Pa­pas­tratos. tini in Thrace. The new plant is ex­pected to start op­er­at­ing this sum­mer in the Ko­mo­tini In­dus­trial Zone and its main ac­tiv­ity will be the re­cy­cling of used bat­ter­ies from around the coun­try for the ex­trac­tion of lead, which con­sti­tutes 80 per­cent of a bat­tery’s raw ma­te­rial. That will then be used for the pro­duc­tion of new bat­ter­ies. While Sun­light’s an­nual lead im­ports amount to 40 mil­lion eu­ros, the com­pany now ex­pects to stop im­port­ing lead al­to­gether, be­com­ing self-suf­fi­cient through the re­cy­cling of used cells, thereby in­creas­ing its profit mar­gins.

Cyprus gas sup­ply.

DEFA, Cyprus’s state-run nat­u­ral gas sup­plier, said yes­ter­day that three com­pa­nies have qual­i­fied to pro­ceed to the next round of a ten­der to pro­vide it with fuel un­til Septem­ber 2018, when the is­land na­tion ex­pects to ex­ploit its own re­serves. DEFA said it chose the three bid­ders, with­out iden­ti­fy­ing them, from a group of eight which had submitted bind­ing of­fers, ac­cord­ing to an e-mailed state­ment from the Ni­cosia-based com­pany. The next round of the process will be held on Fe­bru­ary 18-20. DEFA has called for pro­pos­als that would re­duce the cost of pro­duc­ing elec­tric­ity in Cyprus, which isn’t linked to Euro­pean grids. Bid­ders can sug­gest any means to sup­ply and trans­port the gas, the com­pany said on Septem­ber 27 when it in­vited in­vestor in­ter­est.


Greece will auc­tion 1 bil­lion eu­ros of three-month trea­sury bills on Tues­day to roll over ma­tur­ing debt, the Pub­lic Debt Man­age­ment Agency (PDMA) said yes­ter­day. The set­tle­ment date will be next Fri­day. Only pri­mary deal­ers will be al­lowed to par­tic­i­pate and no com­mis­sion will be paid.

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