ECONOMY

Satellite to recoup costs in five years

The costs of a joint Greek and Cypriot satellite which was launched into orbit on May 13 are expected to be amortized in five to six years, owner and operator Hellas Sat Consortium Ltd said yesterday. «The satellite costs $170 million. The costs will be amortized in five to six years,» said George Skarpelis, president of Hellas Sat Consortium Ltd, which is 84 percent owned by OTE. The high-powered satellite which started commercial operations on August 1, is able to deliver voice, Internet, video and broadcasting throughout Europe, Africa, the Middle East and southeast Asia. The company expects to finalize talks with 2004 Olympic Games organizers on the event’s coverage within the next few weeks. Hellas Sat is jointly owned by OTE Telecom, Cyprus’s Avacom Net, Cyprus Development Bank and Hellenic Aerospace Industry. (Reuters)