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.