The new framework for electric energy trading targets the attraction of large foreign investment schemes, the chairman of the Regulatory Authority for Energy (RAE), Michalis Karamanis, who presented the plan, said yesterday. The framework, which concerns the operation of the deregulated power market, has been posted on RAE’s website (www.rae.gr) with a view to attracting a public debate on the subject until March 18. A second round of debate will follow on the document to emerge from the initial consultation, between March 21 and 28. RAE said it will soon complete the new framework for the deregulation of the natural gas market.

Metallurgy group Aluminium of Greece (AoG) said it posted a 176.5 percent rise in 2004 pretax profit to 47.5 million euros, boosted by rising aluminium prices last year. Sales increased by 13 percent to 357.3 million euros, it said in a stock market filing yesterday. The board will propose a 2004 dividend of 0.65 euros per share. Industrial group Mytilineos Holdings agreed in December to buy a controlling interest in AoG from Canadian aluminium producer Alcan Inc. Separately yesterday, Mytilineos reported a 39 percent rise in 2004 pretax profit to 21 million euros on sales growth of 12.7 percent to 313.2 million euros. The group said it will propose a dividend of 0.20 euros per share to shareholders, double the 2003 payout. (Reuters)

British oil and gas exploration group Regal Petroleum Plc said yesterday it had extended the completion date on a Greek well due to technical problems. “The completion date for the (Kallirachi 2, off the island of Thasos in the northern Aegean) well has been extended due to mechanical issues and difficult drilling conditions below 2,500 meters,” the company said in a statement. (Reuters)

Refiner Motor Oil posted a 63.4 percent rise in 2004 pretax profit at the parent company level on sales growth of 24.2 percent to 1.94 billion euros, it said in a stock market filing yesterday. The country’s second-largest refiner said pretax profit rose to 155.4 million euros ($206 million). The refiner will propose a 2004 dividend of 0.85 euros per share, which translates to a yield of 8 percent based on Friday’s closing share price. (Reuters)

Telecoms equipment maker Intracom reported a 15.2 percent drop in 2004 group pretax profit before minorities, missing its own target, weighed by the costs of a voluntary redundancy plan last year. Pretax profit excluding minorities fell to 40.5 million euros, while sales declined by 3.2 percent to 620.4 million euros, the country’s largest telecoms provider said. Intracom said the costs of the voluntary redundancy plan came to 6.4 million euros. Telecoms services and products made up 62.1 percent of total sales last year, down from 70.5 percent in 2003. Operations abroad contributed to 45.3 percent of revenues, compared with 47.1 percent a year earlier. (Reuters)