ECONOMY

In Brief

Hellenic Petroleum signs Egypt exploration deal Hellenic Petroleum said yesterday it has signed an oil and gas exploration and production deal in Egypt as part of a consortium, extending its activities abroad. The refiner said the initial four-year agreement can be extended to nine years and covers an area of 57,000 square kilometers in the Mesaha region near the Sudan border in upper Egypt. The consortium, which includes Melrose Resources, Oil Search, Egypt’s state authority Ganoub El Wadi and the Ministry of Petroleum, has committed $14.3 million to the deal. Hellenic Petroleum has a 30 percent stake in the group. (Reuters) Turkey’s ATV-Sabah auction put on hold ISTANBUL (Reuters) – The auction of Turkish media firm ATV-Sabah, which has attracted interest from five media firms, has been postponed to December 5 from November 7, the body selling the company said yesterday. Turkey’s State Deposits and Insurance Fund (TMSF), which in April seized the assets of ATV-Sabah, said the auction had been delayed at the request of participants and due to a public holiday this weekend. An official at the TMSF told Reuters previously RTL Group, Rupert Murdoch’s News Corp, ProSiebenSat.1, Prague-listed CME and unlisted Greek broadcaster Antenna TV had all expressed interest in the tender. ATV, Sabah and other assets were seized from one of Turkey’s leading businessmen, Turgay Ciner, after the TMSF said secret agreements between Ciner and the previous owner had come to light. (Reuters) Vivartia suspended Following a relevant request from the Capital Market Commission (CMC), the Athens Exchange (ATHEX) yesterday decided to suspend temporarily trading of the shares of food group Vivartia until clear and adequate information is disclosed with regard to the company’s new business plan, which was pre-announced by its principal shareholder Marfin Investment Group (91.47 percent). The suspension was deemed necessary for the smooth operation of the market, ATHEX said. Millennium in Romania Millennium bcp, Portugal’s largest listed bank, launched its operations in Romania yesterday by opening Millennium Bank Romania, the bank said in a statement. Millennium Bank Romania, opened with 39 branches in nine cities with an initial investment of 40 million euros, Millennium said. «The number of branches will exceed 100 by the end of 2009.» (Reuters) Frigoglass Listed commercial refrigerator maker Frigoglass yesterday inaugurated a new plant in Guangzhou, China – the first wholly owned Greek firm in the area. The plant, which will have a capacity of 120,000 units a year, cost 15.3 million euros. V+O V+O Communication said yesterday it had agreed to be taken over by London-based International Marketing & Sales Group Plc, which aims to expand in business and marketing communication in Southeast Europe. The full acquisition, to be completed over four years, will cost 10.75 million euros.