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INTERVIEWGreece’s Development MinisterForesees Oil SurplusThere will be a major decrease in oil prices in the second half of 2003, Akis Tsohatzopoulos,the Greek Development Minister, tells Aegean News. "We are entering a phase during whichoil will be abundantly available," he says, "and this will lead to a considerable decrease inprices, which will compensate for recent financial losses."Before the war started, the price of crude oil rocketed to over$30 per barrel. Now, it is at a considerably lower level. In whatdirection do you see prices going in the coming months?Experts estimate that Iraqi oil production will increase in afew months’ time, and will reach 2–2.5 million barrels perday. There will be a surplus of oil in the market and marketpressure will force prices down, thus compensating for thefinancial losses of the previous months. At the same time,international economists estimate that after foreign capitalstarts streaming into Iraq, production could reach 3.5 millionbarrels per day within the next two years, and doublethat amount in a decade. So prices we’ve seen recently, like$30 dollars per barrel, are almost a thing of the past."Iraq’s production will increasein coming months and oil prices willgradually decrease."At the beginning of February, there was fear that with the outbreakof war there would be speculation in the domestic oilmarket. Now, two months later, how do you judge the marketreaction?The domestic market, made up of petroleum companies andpetrol stations, operated perfectly during the crisis. Datashow that the price of unleaded petrol increased at a considerablylower rate than that of crude oil. Two things playedan important role in this: First, the smooth operation ofcompetition and regular publishing of fuel prices by theMinistry. Second, the new institutional framework on thepurchase of petroleum products (Law 3054/2002), whichcontributed decisively to a smooth market operation. Thislaw was recently implemented and includes the operation ofa crisis management committee, petroleum market monitoring,as well as Groups of Controlling, Distributing andStoring Fuel (KEDAK). In short, we managed to get out ofthe crisis with minimal consumer impact and minimumdamage to the economy.You’ve stated that Greece didn’t suffer any serious losses inthis crisis. However, there is another challenge ahead: The upgradingof the Greek energy network by its connection to thetrans-European energy networks. And there are many delays inthis area?First of all, I agree that the venture that will make Greecethe energy hub of the southeastern Mediterranean is a verytough wager, and one we have to win. Many important stepshave already been taken. Take for example the petroleumfield. The intergovernmental agreement on the Burgas-Alexandroupolis oil pipeline linking Greece and Bulgaria isto be signed soon by Russia as well. Important steps havealso been taken in the area of natural gas networks. InThessaloniki we recently signed a cooperation agreementfor the construction of a natural gas pipeline from Thessalonikito Austria via the Balkans (FYROM, Serbia-Montenegro,Bosnia-Herzegovina, Croatia, and Slovenia). Thatand the proposed underwater Greece-Italy pipeline, whichis currently being evaluated, concern the transfer of naturalgas from the Caspian Sea and Iran to Europe.Greece is pushing for a pipeline linking Greece to Turkey. Atwhat stage is the implementation of that project?DEPA (The Greek public natural gas corporation) isready to start construction of the pipeline, which isplanned from Komotini to the Greek-Turkish border inEvros. However, it must be made clear that the projects are8 AEGEAN NEWS SPRING 2003
Our EuropeSharing the Futurein a Community of ValuesThe Prioritiesof the GreekPresidency 2003∂nergyAkis Tsohatzopoulos | Development Ministernot going to start unless the Turkish side can secure financingfor its part of the project.As far as the major Greek privatizations are concerned, thegovernment is making DEPA a priority. Recently, the Greek Ministerof Finance, Mr. Christodoulakis, characterized the sellingoff of 35% of DEPA to a strategic partner as the most importantprivatization of 2003.As you know, DEPA has been recently presented to candidateinvestors. Representatives from selected companies in the tenderoffer were present, including ELF (France), Gaz Naturale(Spain), ENI-SNAM (Italy), Rurgaz-Prometheus (Germany/Greece-Russia),Gazprom (Russia), and Sonatrak(Algeria). The government hopes to secure ú300–350 millionfrom the sell-off, and, according to the timetable, the tenderwinner will be chosen by the end of June. I believe the selectedpartner will, as we all want, secure DEPA’s access to new,strong markets through its experience.Development of a strongand competitive energy sectorA steady and sustainable development of European economicsrequires easy access, free from any technical or economic impedimentsto available energy sources for the production ofgoods and services. This makes it imperative to secure adequatesupply of available energy sources and to carry through the liberalisationof the internal electricity and natural gas marketwhilst developing, at the same time, all essential energy connections,both within Europe and with the new developing energyproduction centres in the European periphery. With a view toachieving a balanced development of the energy policy’s social,environmental and competitive component, we will aim at ensuringwider integration of sustainable development in the Union’senergy policies. In the context of these objectives, the GreekPresidency will seek to secure oil and natural gas supplies, coupledwith the deregulation of the internal electricity and naturalgas market (by providing public service and consumer protection)and the development of trans-european networks.Sustainable development and energyIn the context of sustainable development, the Greek Presidencywill encourage the use of renewable energies, rational use andconservation of energy, the co-generation of heat and electricityand the establishment of common rules for the safety of nuclearplants and the handling of nuclear waste and fuel.The international dimension of energyWith a view to ensuring the economic viability of EU energy policies,international cooperation in the energy sector should bepromoted, in particular with Mediterranean partners, Russia andthe countries of South-East Europe.SPRING 2003 AEGEAN NEWS 9
Page 1: Aegean NewsT H E Q U A R T E R L Y
Page 5 and 6: contents8AkisTsohatzopoulosdiscusse
Page 7 and 8: Dimitris MelissanidisAn Interview w
Page 9: Greece & Turkey Sign Pipeline Agree
Page 13 and 14: 45International Petroleum Prices: 1
Page 15 and 16: PHOTOS: YIORGOS DEPOLLASSPRING 2003
Page 17 and 18: The New Faceof OLP(PIRAEUS PORT AUT
Page 19 and 20: KILKIS SERRESPELLA 1020FLORINA231TH
Page 21 and 22: LUBRICANTSAegean and ChevronTexacoA
Page 23 and 24: Sales and AestheticsOn the UpswingT
Page 25 and 26: offer high-quality services. That i
Page 27 and 28: MARITIME TRADITIONSOcean linersThe
Page 29 and 30: 10Can an ambitious programto promot
Page 31 and 32: FORUMBilateral Trade RelationsHow i
Page 33 and 34: A look that saysTHE AEGEAN IMAGE“

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