Egypt in talks to import Cypriot natural gas

NICOSIA (AP) – Egypt is speeding up talks with neighboring Cyprus to import natural gas for its domestic use and for possible re-export to other countries, the Egyptian petroleum minister said yesterday. Sherif Ismail said gas can be piped directly to Egypt from the field off Cyprus’s southern coast that is estimated to hold 3.6 trillion to 6 trillion cubic feet of the fossil fuel. “We can accommodate whatever gas we receive in both local market consumption and (liquefied natural gas) exports,” Ismail said after meeting Cypriot Energy Minister Giorgos Lakkotrypis. Ismail said Egypt has a shortfall of about 700 million cubic feet of gas. A preliminary study into the possible Cyprus-Egypt gas link should wrap up by the end of January, he said. Cyprus is looking to tap energy reserves to help recover from a financial crisis. It touts itself as a new source of energy for Europe which is trying to lessen its dependence on Russian imports. But Turkey opposes the gas search, insisting the internationally-recognized Greek Cypriot government cannot unilaterally exploit the ethnically split country’s resources.

The trade deficit expanded by 34.2 percent in September as exports declined by 8.7 percent year on year. Imports grew by 7.6 percent, as Greece is reverting to its pre-crisis trade mode, ELSTAT data showed yesterday. partner for our Greek cash-and-carry business,” said chief executive Olaf Koch. “Sklavenitis is already very well positioned in Greece and can leverage economies of scale and synergies with MAKRO which we would not have been able to achieve on our own,” he explained. At the same time, the sale was in line with Metro’s strategy of focusing on those countries with what the company considers a “long-term growth perspective.” “In Greece, we would unfortunately not have been able to do so on our own in the years to come. Under the lead of Sklavenitis, new perspectives will open up for MAKRO and we are therefore convinced that we are placing our Greek business and its employees into very good hands,” Koch said.

Piraeus Bank losses.

third quarter after booking over 2 billion euros in charges for bad loans. Piraeus reported a net loss of 1.56 billion euros in the quarter, compared to a loss of 277 million euros in the year earlier period. The bank booked 2.24 billion euros in provisions for impaired loans in the third quarter, compared to 476 million euros of impairments in the second quarter.

OPAP profits.

Greece’s OPAP, Europe’s second-biggest gambling firm based on market value, posted yesterday a 26 percent rise in third quarter profit, boosted by new games and cost cuts. Net profit rose to 55.9 million euros from 44.4 million euros in the same period last year. The figure was at the high end of analysts’ forecast in a recent Reuters poll. The company also said it would pay an interim dividend of 0.23 euros a share.