ECONOMY

Eight bids for hydrocarbon tenders

The Environment and Energy Ministry was happy to report greater-than-expected interest on Monday in the open tender for hydrocarbon exploration rights in western Greece.

The ministry announced it had received eight offers from 11 Greek and foreign consortia or companies, which generated optimism regarding the state?s chances of making significant gains from the process. The open-door procedure means that there may be more bids coming in at any time until binding offers are made, but the total number of bids already made is far above the ministry?s and the market?s modest expectations.

?It is important that Greece is returning to the energy map, in a period when the energy sector constitutes a great hope for the national economy,? said the new environment and energy minister, Evangelos Livieratos. ?At the same time the interest in the process coming from all around the world is showing that Greece?s effort is being recognized and confidence is gradually being restored.?

There have been four bids for the hydrocarbon reserves estimated to be under Ioannina, northwestern Greece: The first is from a consortium of Hellenic Petroleum, Melrose Resources Plc and Edison International SpA, each holding a 33.3 percent stake in the venture; the second is from a consortium of Energean Oil the third is by a consortium of Arctic Hunter Energy Inc with KO Enterprises Inc from Japan; and the fourth is by Chariot Oil