Tobacco growers get boost from Philip Morris
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.