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FLOWS & CURRENTSPutin Advances Burgas Oil PipelineRussian President VladimirPutin has pledged his country'ssupport for the constructionof an oil pipeline toconnect the Bulgarian portof Burgas with the northernGreek city Alexandroupolis.The pipeline will carry oilfrom the Caucasus intoGreece, eliminating tankers passingthrough the Bosphorous Strait in Turkey.Greece, Bulgaria, and Russiaare all to be involved in theproject, which will extend312 kilometers. Greece andBulgaria have signed anMOU to proceed with thepipeline construction and areawaiting the final go-aheadfrom Russia. Bulgaria andGreece will seek up to ú120 million inEU aid for the project.Australian Energy AllianceThe oil and gas industries will benefit from the establishment of a world-class energy technologyresearch alliance signed recently in Western Australia. "The new alliance will provideadditional premium quality research and development and services, aimed at developingtechnology-based solutions for the global energy sector," said Greg Thill, CSIRO'sActing Chief of Petroleum Resources. The agreement signed between the University ofWestern Australia, CSIRO's Division of Petroleum Resources and Curtin University will enablethe research organizations to share knowledge, skills, and facilities for more efficientdelivery of solutions to industry in areas such as sub-surface technology, drilling andwells, energy facilities, and energy science.~Electricity TradeRussia is striving to increase its electricitytrade with the EU. The Russiansargue that expanded trade wouldincrease security of EU electricitysupply, strengthen competition, andgenerate cash to upgrade Russia'selectricity sector, which is in dire needof improvement. Currently, only 2% ofall electricity generated in Europe istraded between regional markets, andFinland is at the moment the sole importerof electricity from Russia. Asthe EU expands eastward, the idea of amore active market is appealing tomany policy experts, who nonethelessadmit that many hurdles—includingenvironmental concerns—need to beovercome first. Russia hopes that increasedelectricity trade will alsostimulate investment in the country’soil and gas sectors.EmergencyReservesProposed Greek legislation would requireany company importing crude petroleumor petroleum products to keep an emergencystock on hand, regardless ofwhether it is a refinery, trading company,or even petrol station. Each importerwould be required to keep a 90-dayemergency stock, or about 25% of thetotal annual quantity of crude and refinedpetroleum imported. The proposed newlaw, the Regulation on Emergency StocksReserves, will be voted on by lawmakerssoon. The intention of the legislation is tobuild the foundation for a more flexiblepolicy to help Greece be better preparedto face oil crises—or potential oil crises—like the war in Iraq.EU to Accelerate Banon Single-Hull TankersEuropean Union transport ministers approved an acceleration of aban on single-hull tankers carrying heavy fuel oil to year 2010from 2015, as originally scheduled. Greek Transport MinisterChristos Verelis said, "We support all rules and measures thatlead to a strengthening of the quality of maritime transportationwith top-level services and respect for the environment." Theministers also agreed to a transition period for small single-hullvessels (weighing up to 5,000 tons), which are needed to supplysmall islands with fuel. The vessels must be withdrawn by 2008.Greece & Qatar in Bilateral TalksGreek Deputy Foreign Minister Andreas Loverdos held talks with Qatari Economyand Commerce Minister Hamad bin Faysal Al Thani bin Thani on bilateraleconomic cooperation. The Qatari Minister said that none of the involved partieswant to see a destabilization of market and crude oil prices but noted that the warin Iraq was indeed causing fluctuations. Under normal conditions the price of oilshould not exceed $28–$30/barrel. Qatari officials expressed interest in supplyingGreece with natural gas. Currently Greece imports gas from Russia and Iran.6 AEGEAN NEWS SPRING 2003
Greece & Turkey Sign Pipeline AgreementAn intergovernmental agreement for a natural gas pipeline betweenGreece and Turkey was signed in Thessaloniki by Greek Minister ofDevelopment Akis Tsohatzopoulos and Turkish Minister of Energyand Natural Resources Mehmet ∏ilmi Guller. The natural gas pipeline,which will connect the two countries, is slated to be 285 kilometerslong, spanning from Karatsabei, Turkey to Komotini, Greece. Its officialname is Interconnector Turkey-Greece (ITG). The portion of thepipeline on Greek territory is to be 85 kilometers long and an internationalprocurement has been announced. for the construction ofthe pipeline between Alexandroupolis and Kipi Evrou. It is estimated that the pipeline willstart operating by the end of 2005. Its initial annual capacity will be 3.5 billion cubic meters,with an expansion capacity of up to 11 billion cubic meters. The total cost is estimated at ú250million and the cost for Greece should total ú118 million, 29% of which will be paid by the EuropeanUnion and another 29% by the Greek government through the Public Investments Program.The remaining 42% will be funded by DEPA (the Public Natural Gas Corporation).Energy: Next Engine of Growth?Many analysts are suggesting that theenergy sector may become the nextnew "hot" growth engine of the globaleconomy, much like the role technologyplayed in worldwide economicgrowth during the last 20 years. Asthe global economy suffers from unevendevelopment and energy needsare increasing in every corner of theworld, experts believe that massivedemand accompanied by an unstablesupply will result in vast amounts of16%41%22%15%6%research and development to improvetoday's energy technologies and todevelop new ones. Experts cite China,which has been growing at over 8%annually, as just one example of amarket that will increase its energyconsumption dramatically. Since analystssee oil as the dominant sourceof energy for many decades to come,efforts to improve extraction methodsand overall fuel efficiency will beparamount to the oil industry.Gross Domestic Energy Consumptionin the EU and GreeceEU-15Ellada35%60%0%0%5%Solid fuels Oil and oil Products Natural gas Nuclear RenewablesRecyclingCars, batteries, and mineral oil arenow on the list of products thatwill have to be recycled accordingto a presidential decree signed byEnvironment, Town Planning, andPublic Works Minister VassoPapandreou. In an effort to stemthe flow of waste filling uplandfills and conform to EUlegislation, Greece is implementinga new series of measures that willrequire consumers return a widevariety of goods for recycling. TheMinister is expected to add cartires, electrical appliances,electronic goods, and buildingrubble to the list in order toreclaim up to 85% of waste fromthese products.Advice to OPEC:CautionThe International Energy Agency(IEA) urged the OPEC oil cartelto be cautious in reducing oilsupply, saying prices were still toohigh for companies to rebuildstocks. With Iraq not yet exportingand no new supplies entering themarket, IEA chief Claude Mandilsaid, "I think OPEC should be verycautious before taking strongdecisions on output." Mr. Mandilalso said stocks are beginning toincrease but "prices are still toohigh for that."SPRING 2003 AEGEAN NEWS 7
- Page 1: Aegean NewsT H E Q U A R T E R L Y
- Page 5 and 6: contents8AkisTsohatzopoulosdiscusse
- Page 7: Dimitris MelissanidisAn Interview w
- Page 11 and 12: Our EuropeSharing the Futurein a Co
- 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
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- Page 31 and 32: FORUMBilateral Trade RelationsHow i
- Page 33 and 34: A look that saysTHE AEGEAN IMAGE“
FLOWS & CURRENTSPut<strong>in</strong> Advances Burgas Oil Pipel<strong>in</strong>eRussian President VladimirPut<strong>in</strong> has pledged his country'ssupport for the constructionof an oil pipel<strong>in</strong>e toconnect the Bulgarian portof Burgas with the northernGreek city Alexandroupolis.The pipel<strong>in</strong>e will carry oilfrom the Caucasus <strong>in</strong>toGreece, elim<strong>in</strong>at<strong>in</strong>g tankers pass<strong>in</strong>gthrough the Bosphorous Strait <strong>in</strong> Turkey.Greece, Bulgaria, and Russiaare all to be <strong>in</strong>volved <strong>in</strong> theproject, which will extend312 kilometers. Greece andBulgaria have signed anMOU to proceed with thepipel<strong>in</strong>e construction and areawait<strong>in</strong>g the f<strong>in</strong>al go-aheadfrom Russia. Bulgaria andGreece will seek up to ú120 million <strong>in</strong>EU aid for the project.Australian Energy AllianceThe oil and gas <strong>in</strong>dustries will benefit from the establishment of a world-class energy technologyresearch alliance signed recently <strong>in</strong> Western Australia. "The new alliance will provideadditional premium quality research and development and services, aimed at develop<strong>in</strong>gtechnology-based solutions for the global energy sector," said Greg Thill, CSIRO'sAct<strong>in</strong>g Chief of Petroleum Resources. The agreement signed between the University ofWestern Australia, CSIRO's Division of Petroleum Resources and Curt<strong>in</strong> University will enablethe research organizations to share knowledge, skills, and facilities for more efficientdelivery of solutions to <strong>in</strong>dustry <strong>in</strong> areas such as sub-surface technology, drill<strong>in</strong>g andwells, energy facilities, and energy science.~Electricity TradeRussia is striv<strong>in</strong>g to <strong>in</strong>crease its electricitytrade with the EU. The Russiansargue that expanded trade would<strong>in</strong>crease security of EU electricitysupply, strengthen competition, andgenerate cash to upgrade Russia'selectricity sector, which is <strong>in</strong> dire needof improvement. Currently, only 2% ofall electricity generated <strong>in</strong> Europe istraded between regional markets, andF<strong>in</strong>land is at the moment the sole importerof electricity from Russia. Asthe EU expands eastward, the idea of amore active market is appeal<strong>in</strong>g tomany policy experts, who nonethelessadmit that many hurdles—<strong>in</strong>clud<strong>in</strong>genvironmental concerns—need to beovercome first. Russia hopes that <strong>in</strong>creasedelectricity trade will alsostimulate <strong>in</strong>vestment <strong>in</strong> the country’soil and gas sectors.EmergencyReservesProposed Greek legislation would requireany company import<strong>in</strong>g crude <strong>petroleum</strong>or <strong>petroleum</strong> products to keep an emergencystock on hand, regardless ofwhether it is a ref<strong>in</strong>ery, trad<strong>in</strong>g company,or even petrol station. Each importerwould be required to keep a 90-dayemergency stock, or about 25% of thetotal annual quantity of crude and ref<strong>in</strong>ed<strong>petroleum</strong> imported. The proposed newlaw, the Regulation on Emergency StocksReserves, will be voted on by lawmakerssoon. The <strong>in</strong>tention of the legislation is tobuild the foundation for a more flexiblepolicy to help Greece be better preparedto face oil crises—or potential oil crises—like the war <strong>in</strong> Iraq.EU to Accelerate Banon S<strong>in</strong>gle-Hull TankersEuropean Union transport m<strong>in</strong>isters approved an acceleration of aban on s<strong>in</strong>gle-hull tankers carry<strong>in</strong>g heavy fuel oil to year 2010from 2015, as orig<strong>in</strong>ally scheduled. Greek Transport M<strong>in</strong>isterChristos Verelis said, "We support all rules and measures thatlead to a strengthen<strong>in</strong>g of the quality of maritime transportationwith top-level services and respect for the environment." Them<strong>in</strong>isters also agreed to a transition period for small s<strong>in</strong>gle-hullvessels (weigh<strong>in</strong>g up to 5,000 tons), which are needed to supplysmall islands with fuel. The vessels must be withdrawn by 2008.Greece & Qatar <strong>in</strong> Bilateral TalksGreek Deputy Foreign M<strong>in</strong>ister Andreas Loverdos held talks with Qatari Economyand Commerce M<strong>in</strong>ister Hamad b<strong>in</strong> Faysal Al Thani b<strong>in</strong> Thani on bilateraleconomic cooperation. The Qatari M<strong>in</strong>ister said that none of the <strong>in</strong>volved partieswant to see a destabilization of market and crude oil prices but noted that the war<strong>in</strong> Iraq was <strong>in</strong>deed caus<strong>in</strong>g fluctuations. Under normal conditions the price of oilshould not exceed $28–$30/barrel. Qatari officials expressed <strong>in</strong>terest <strong>in</strong> supply<strong>in</strong>gGreece with natural gas. Currently Greece imports gas from Russia and Iran.6 AEGEAN NEWS SPRING 2003
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