ECONOMY

In Brief

Environmental project delays pose risk of loss of EU funds Greece is at risk of losing hundreds of millions in EU investment subsidies since about a third of 82 environment projects approved six years ago have not even begun, while the rest are making painfully slow progress, Regional Policy Commissioner Danuta Hubner said in a written reply to Greek Euro-MP Dimitris Papadimoulis. The contracts for the projects, which mainly concern sewage works, biological treatment plants, landfills and land reclamation, must be signed by the end of the year for the projects to be completed by 2008. Delta Holdings initials deal to acquire Cyprus dairy Dairy group Delta Holdings said yesterday it had reached a preliminary agreement to buy 45.8 percent of Christies Dairies for 0.30 Cypriot pounds a share. Delta said the non-binding deal, based on a letter of intent, is subject to due diligence and the permission of regulatory authorities. «In case the deal is finalized, there will be a tender offer for all of Christies Dairies shares as per Cypriot law,» Delta said. Delta will buy the Christies shares from Cyprus’s Shakolas Group and the Cyprus Trading Corporation. Delta will change its corporate name to Vivartia after it completes its merger with snacks maker Chipita. (Reuters) Mytilineos Metals and engineering group Mytilineos said yesterday its tender offer for the remaining stake in Delta Project that it does not own will run from today to Aug 23. Mytilineos is offering Delta Project shareholders 4.86 euros per share, valuing the remaining stake at 28.8 million euros. Mytilineos Group acquired 52.6 percent of industrial equipment maker Delta Project in June for 16.1 million euros or 2.45 euros per share. (Reuters) World Bank in Romania. The World Bank will lend Romania 106 million euros ($134 million) to help modernize poor infrastructure, the lender said yesterday. The bank has funded projects in Romania, which hopes to join the EU as early as 2007, to the tune of more than $5 billion since 1991. «This project is very consistent with the spirit of the new country partnership strategy. Our role is simply to assist Romania in its passage to a successful integration,» World Bank Regional Director Anand Seth told reporters. Romania will co-finance the project, mainly aimed at overhauling the water and sewage networks in Bucharest and the western city of Arad, on the border with Hungary, with an additional 31.1 million euros. (Reuters) Stealthgas NYSE-listed Stealthgas, headed by Haris Vafeias, is reported to have ordered two more LPG vessels from Romanian shipbuilders Severnav, according to TradeWinds magazine. Each ship will have a capacity of 3,300 cubic meters and will be delivered in 2008. Stealthgas operates 28 LPGs. Middle East The Hellenic Foreign Trade Board has launched the hotline 801.111.9999 (Monday-Friday, 8 a.m. to 5 p.m.) for Greek firms operating in Lebanon, Israel and Syria that wish to communicate problems, with a view to redressing them when things return to normal.