Rus­sian-Turk­ish fund.

Kathimerini English - - Focus -

sanc­tions im­posed in 2014 over Moscow’s ac­tiv­i­ties in Ukraine. Petro­cas, which con­trols oil ter­mi­nals and gas sta­tions in the Cau­ca­sus and Black Sea area, op­er­ated mostly as a lo­gis­tics com­pany un­til Ros­neft ac­quired 49 per­cent in the firm in 2014 for $144 mil­lion. In 2014, Petro­cas sold about 1 mil­lion tons of oil prod­ucts per year. That had grown to 3.5 mil­lion tons in 2016. Yakobashvili said this would ex­pand this year as he tar­gets mar­kets in Greece, Italy, Bul­garia, Ro­ma­nia, Tur­key and Ger­many. Petro­cas was look­ing at start­ing crude oil trad­ing and was talk­ing to firms in Kaza­khstan and Turk­menistan, he said. Petro­cas, which buys vol­umes from Ros­neft at ten­ders, al­ready has con­tracts with oil firms such as Kaza­khstan’s Kaz­mu­naigaz, Aus­tria’s OMV, Greek Mo­tor Oil Hel­las, Italy’s Saras and France’s To­tal. tis­ti­cal Author­ity (ELSTAT) an­nounced yes­ter­day that Greece’s in­dus­trial out­put rose 7.2 per­cent in Jan­uary com­pared to the same month a year ago, af­ter an up­wardly re­vised 2.5 per­cent in­crease in De­cem­ber. Look­ing at in­dex com­po­nents, man­u­fac­tur­ing pro­duc­tion grew 1.1 per­cent from the same month in 2015, while min­ing out­put fell 5.7 per­cent. Elec­tric­ity pro­duc­tion in­creased 28.6 per­cent.

Rus­sia and Tur­key signed a mem­o­ran­dum yes­ter­day cre­at­ing a joint in­vest­ment fund into which each coun­try will in­vest up to $500 mil­lion. The Rus­sian Di­rect In­vest­ment Fund (RDIF) and Turkiye Wealth Fund (TWF) signed the mem­o­ran­dum in the pres­ence of Rus­sian Pres­i­dent Vladimir Putin and Turk­ish Pres­i­dent Tayyip Er­do­gan dur­ing a visit by Er­do­gan to Moscow.

Newspapers in English

Newspapers from Greece

© PressReader. All rights reserved.