Saturday March 28, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Gas exploitation demands a stable framework

By Tom Ellis

Energy Minister Yiannis Maniatis’s decision to set in motion the tender process for exploring and extracting hydrocarbons from Greek territory is a step forward. The priority now is for Greece to establish a stable framework so that foreign companies that express an interest in exploiting possible energy sources will know the rules of the game and feel secure that these will not change. Only then will they be able to plan long-term investments, to the mutual benefit of their companies and of Greece.

According to the decisions taken, the price tag on the deal will depend on the relationship between costs and revenues. Also, the state will receive a 20-percent tax on income and a 5-percent regional tax from the companies that will undertake exploration at 20 offshore blocks in the Ionian Sea and south of Crete, as well as at land blocks in Western Greece – in Arta and Preveza, Aitoloakarnania and the northwestern Peloponnese. Bidding will start when the tender is published officially by the EU and will be open for six months.

As the plans are drawn up, the tenders signed and the legal framework established, it is important for us in Greece to realize the importance of there being no delays or changes – this applies both to today’s coalition government and to the opposition, which may one day have to manage Greece’s energy issues.

Attracting major energy companies and involving them in the country’s productivity is not a simple issue. Because competition is great and the element of uncertainty is always present in the energy sector, it would be good if we could learn from past lessons and this time function logically and professionally.

It goes without saying that exploration and exploitation must be conducted in full compliance with European legislation regarding energy and the environment, while all bidding companies will have to provide guarantees of their solvency and credibility, as well as the economic and technical know-how to get the job done. On its part, also, the Greek state must prove that it is serious, especially in such a crucial sector in which our country is investing economically and geopolitically.

The handling of the issue so far appears professional. The government – which had committed to calling for bids in mid-2014 – is making it clear that Greece will stick to its commitments regarding the exploration for hydrocarbons and will not be changing course. In line with this is the clause in Monday’s announcement that there will be no “additional regular or irregular tax, levy or other cost of any nature.”

Creating a stable investment climate, together with speedy and transparent procedures are preconditions for the smooth exploitation of our country’s sources of wealth and for the shaping of the much-desired “new national production model.”

ekathimerini.com , Wednesday August 6, 2014 (13:04)  
Time to get moving
The same old story
A competent crew is key
A new rule book agreed by all
Defense minister Kammenos sues commentator for 1 mln euros
Defense Minister Panos Kammenos has sued commentator Andreas Petroulakis for 1 million euros in damages over a critical article posted on the Protagon website on March 17. In a statement pos...
Reform talks move to Brussels
The Brussels Group, technical teams from Greece and its lenders, is on Saturday due to begin discussing the details of Athens reform proposals, which were completed Friday and will determine...
Inside News
Bank accounts continue to bleed
Pressures on Greek bank deposits have continued in March, with sector officials estimating that households and enterprises have withdrawn a net 3 billion euros in the first weeks of this mon...
Hania and Athens are the top picks for Easter visitors
Athens and Hania (pictured) are the first choices among foreign holidaymakers heading to Greece next week for Catholic and Protestant Easter, according to international online travel search ...
Inside Business
BASKETBALL
Greens live dangerously in Istanbul
Panathinaikos played with fire in Istanbul, but still managed to beat Galatasaray 86-84 on Friday and climb to the third sport of its group two games before the end of the Euroleague top-16....
SOCCER
Greek federation backs injured Holebas
The Greek soccer federation on Friday insisted that international defender Jose Holebas had been dropped from team training in Austria because of injury and not for any other reason. Media r...
Inside Sports
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greens live dangerously in Istanbul
2. Bank accounts continue to bleed
3. Hania and Athens are the top picks for Easter visitors
4. Landlords to pay tax on unpaid rent
5. Air arrivals grow 20 pct in Jan-Feb 2015
6. Cash injection from state debtors
more news
Today
This Week
1. Greek future as trade hub in limbo amid Syriza split on railways
2. Greek gov't denies finance minister Varoufakis to resign [Update]
3. Bundesbank's Weidmann says euro zone debt in 'danger zone,' opposes more aid for Greece
4. New Democracy's political council convenes to decide line opposite gov't
5. Clocks go forward one hour on Sunday
6. Berlin says has no exact information about Greek reforms
Today
This Week
1. Next Monday is D-Day for state funds
2. EU asks Greece for more reforms to speed talks on bailout
3. PM faces Merkel amid race to detail reforms
4. Some more equal than others
5. Greece to present reforms by Monday, says gov't spokesman [Update]
6. EU institutions statement on Greece
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.