Oil reserve deals ready for signing

By Chryssa Liaggou

The government’s negotiations with the contractors that will utilize the country’s oil reserves at Ioannina and in the Patraikos Gulf are in the final stages, with the ministries of Energy and Finance having responded to a request from investors to secure taxation stability.

The signing of the contracts is now just a matter of days, with the consortium of Hellenic Petroleum with Edison and Petroceltic to utilize reserves in the Patraikos Gulf and that of Energean Oil with Petra Petroleum to do so at Ioannina.

The firms have already received the final drafts of the contracts, including a special term ensuring tax stability for the 25-year duration of the reserve concession, and legal teams have already agreed on the English text.

According to an official familiar with the proceedings, this means the contracts may be signed in the next three weeks.