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Newsletter October 2012

TRENDS & TRADEWINDS

Plans Underway for Greece’s First Marine Energy Project

In June, Greek renewable energy company Renes Development submitted an application to the Energy Regulatory Authority (RAE) for the construction of an innovative marine energy project, which will generate electricity from subsurface currents.

According to the website energia.gr, such technology is still in a trial phase worldwide, making Greece a frontrunner in marine energy solutions.

The 2-megawatt station will be installed in the straits between Andros and Tinos, an area chosen for its strong subsurface currents.

Renes Development noted that, once the projects gets a green light from the energy regulator, it can be operational in as little as two years.

(Source: Eco News)

Greece Receives Eight Bids for Oil and Gas Explorations
The Greek Ministry of Environment, Energy and Climate Change recently concluded a highly successful bid for oil and gas explorations in the Gulf of Patras, Katakolo, and Ioannina regions. Eleven experienced and globally active companies responded to the call—two of them individually, and the remaining nine within international consortia. The evaluation of the eight bids is expected to be completed shortly.

The Minister of Environment, Energy and Climate Change, Mr Evangelos Livieratos, stressed the importance of the bids during a period of rapid development for Greece’s energy sector.

A summary of the bids is as follows:

Ioannina
1. Hellenic Petroleum S.A., Edison International SPA, British Melrose Resources Plc
2. Energean Oil and Gas, Petra Petroleum, Schlumberger
3. Arctic Hunter Energy Inc., KO Enterprises Inc
4. Chariot Oil and Gas Limited

Gulf of Patra
1. Energean Oil and Gas, Trajan Oil and Gas Limited, Schlumberger
2. Hellenic Petroleum S.A., Edison International SPA, Melrose Resources Plc

Katakolo
1. Energean Oil and Gas, Trajan Oil and Gas Limited, Schlumberger
2. Grekoil Energy Ventures LTD

(Source: Express.gr)


AIT Joins Forces with Cambridge University and the University of Berlin for Cisco-funded research
Athens Information Technology (AIT), a non-profit, independent technology institute, along with the University of Cambridge and the University of Berlin, was the recipient of research funding from the Cisco Collaborative Research Initiative (CCRI). This was the first time that a Greek research organisation has received such funding.

The funding will be used to support new research on High-Speed Networks and Optical Communications, concerning the optimal design of network backbone IP/DWDM. AIT’s research will last twelve months (June 2012 - June 2013) and is funded up to $100,000.

The CCRI programme brings together leading engineers and scientists at Cisco with researchers and professors at prestigious research centres and universities in order to conduct research of strategic interest to Cisco. The programme is highly selective, and the number of approved projects is small, with the majority being directed toward America's top universities. Very few of these grants are awarded outside America.

AIT will focus its research on the development of innovative techniques for the design of new generation core networks in order to minimise costs. New features of optical networks that allow "flexible" assignment of the optical spectrum will become the basis for achieving the target optimisation.

The funding was awarded to Dr. Ioannis Tomkos, who heads the High-Speed Networks and Optical Communications (NOC) research group at AIT, in recognition of his research expertise in designing optical networks (Dr Tomkos also plays a leading role in numerous relevant European research projects) and for the specialisation of NOC member, Dr. Eleni Palkopoulou, in techno-economic analysis of backbone networks.

(Source: ICT Plus)

Fairfax Financial Holdings Acquires Stake in Eurobank Properties
In a strong showing of confidence in the Greek professional real estate market, Canadian investment giant Fairfax Financial Holdings recently purchased 14.78 percent of Eurobank Properties from Lambda Development at a price of 4.75 Euros per share or 42.8 million Euros.

The purchase price presented a remarkable opportunity for Fairfax Financial Holdings, given that the same purchase would have registered at more than twice the price just two years ago.

The move follows a smaller investment in Eurobank Properties made earlier this year by Fairfax Financial Holdings, and reflects the sharp rise in investor confidence that has followed the Greek national elections in June.

Investments in the Greek professional real estate market carry with them considerable advantages, as property investment companies enjoy an exemption from capital gains tax, property transaction tax, dividend tax or transactions fees for the purchase of investment properties.

(Source: Kathimerini)