Oil re­serve deals ready

Kathimerini English - - Front Page -

ne­go­ti­a­tions with the con­trac­tors that will uti­lize the coun­try’s oil re­serves at Ioan­nina and in the Pa­traikos Gulf are in the fi­nal stages, with the min­istries of En­ergy and Fi­nance hav­ing re­sponded to a re­quest from in­vestors to se­cure tax­a­tion sta­bil­ity. The sign­ing of the con­tracts is now just a mat­ter of days, with the con­sor­tium of Hel­lenic Petroleum with Edi­son and Petro­celtic to uti­lize re­serves in the Pa­traikos Gulf and that of En­ergean Oil with Pe­tra Petroleum to do so at Ioan­nina. The firms have al­ready re­ceived the fi­nal drafts of the con­tracts, in­clud­ing a spe­cial term en­sur­ing tax sta­bil­ity for the 25-year du­ra­tion of the re­serve con­ces­sion, and le­gal teams have al­ready agreed on the English text. Ac­cord­ing to an of­fi­cial fa­mil­iar with the pro­ceed­ings, this means the con­tracts may be signed in the next three weeks.

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