Egypt in talks to im­port Cypriot nat­u­ral gas

Kathimerini English - - Front Page -

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.

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