Greece Special Report

Greece SPECIAL REPORT | May 22, 2014

Reclaiming gloRy

A renewed focus on investments is attracting investors to Greece

GREECE SPECIAL REPORT | MAY 22, 2014

ContentS Close partners and true friends Blooming trade relations Confluence of style and comfort Mediterranean business hub Global footsteps Construction specialists Building solid foundations Reviving business confidence A name of trust

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l Executive Editor: Patrick Michael l Supplements Editor: Suchitra Steven Samuel l Sub-editor: Sadiq Shaban l Reporters: Farhana Chowdhury, Suneeti Ahuja-Kohli l Design & Layout: Mohammad Ejaz Khan, Sidharthan l Imaging: Venugopal Prabhu l Director Advertising: Haroon Qureshi l Senior Advertisement Manager (Supplements): Philip Smith l DubAi HEAD OFFiCE P.O. Box 11243, Tel: +971 4 3383535, Fax: +971 4 3383345/46, E-mail: supplements@khaleejtimes.com l Abu DHAbi P.O. Box 3082, Tel: +971 2 6337666, Fax: +971 2 6351122, E-mail: ktimesad@eim.ae A PubliCAtiOn OF GAlADAri PrintinG & PubliSHinG llC

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Greece–UAe relAtions

Close partners and true friends Ambassador of Greece to the UAE Dionyssios Zois shares his thoughts

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reece and the UAe enjoy friendly relations based on mutual trust and commitment that are key words for the success of our common goals, especially since the establishment of the Greek embassy in Abu Dhabi in June 1989. This contributed to the creation of a solid basis of cooperation and signalled Greece’s vivid interest in the UAe, a relatively young country with remarkable achievements and great potential. The historic ties between our people and our culture lay the foundations on which our ever growing political and economic relations are based. These relations have been further enhanced following the opening of the UAe embassy in Athens in November 2008 and the exchange over the last few years of a number of high level visits, which underlines the sincere wish of both Governments to further strengthen and expand the scope of cooperation between the two countries.

Very recently, on May 6, the second Joint cooperation committee between Greece and the UAe took place in Athens, co-chaired by the Deputy Prime Minister and Minister of Foreign Affairs of Greece evangelos Venizelos and the UAe Foreign Minister Shaikh Abdullah bin Zayed Al Nahyan. This event, which marks his fifth visit, since 2009 to Greece constitutes another significant milestone in our relations and gives new impetus to our bilateral cooperation in a number of fields of common interest. The agreements and MoUs, which were signed in Athens, with more prominent among them being the Agreement on Mutual Promotion and Protection of Investments, in addition to the ones that have been signed, underline the keen interest and determination of both Governments to further boost their political, economic, trade, tourism and cultural relations. Moreover, the important investment agreements, which were signed in the fields of energy and real estate in the presence of the two foreign ministers, signal that the UAe gives a vote of confidence to the Greek economy and acknowledges the great potential that Greece nowadays offers in the Investment field. More specifically the agreement between Al Maabar and Latsis Group concerning a major development and transformation of the area

Dionyssios Zois, Ambassador of Greece to the UAE of the old airport Hellinikon, a project that exceeds €7 billion, will create around 50,000 new jobs and is considered the biggest real estate endeavour in the whole of europe.

More Investment projects are in the pipeline.

We are working on them and we hope that we will be in a position to announce them in the near future.

Greece is delighted that Dubai will host the expo 2020 and is confident that, given Dubai’s high standards and ambitious vision, it will organise the best ever expo. Greece voted from the first round of the electoral process in favour of the candidacy of Dubai, as it considers the UAe a close friend and a strategic partner, while strongly believes that the Middle east region in general and the UAe in particular deserve to host for the first time this important international event. Given the experience we got from the organisation of the Athens 2004 Olympic Games and the high standards of our companies and experts, Greece is ready to contribute to the success of this event, both as Government and as private sector.

Holding the Presidency of the eU during the current semester, Greece is determined to do everything in its power so that all necessary procedures at the eU level in Brussels be completed by the end of its eU presidency concerning the visa waiver for all UAe citizens who wish to travel to the Schengen area. From

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the outset, Greece played a protagonist role in this matter and has repeatedly and strongly championed in all eU institutions the exemption of UAe Nationals from the need to obtain a Schengen Visa. The waiving of the Schengen Visa requirement will undoubtedly reflect very positively on both european Union and Greek–UAe political, economic and tourism relations.

Given that the UAe is a very dynamic and robust economy, it is natural that trade and business are in the core of our bilateral relations. The UAe is one of the most important trade partners of Greece taking into consideration that it is its 10th largest export market outside the european Union and one of the most important in the Arab World. Over the last years the annual volume of bilateral trade has shown a constant and positive growth. From €168.5 million in 2009 reached €440 million in 2013, while there are good prospects to further increase the volume of trade between the two countries, especially inviewoftheexpo2020inDubai.Nevertheless, we believe that there is still a great potential in this field which should be further explored.

The most important export products of Greece to the UAe are petroleum products, furs, food stuff and beverages, telephones, lighting, construction materials (where steel, aluminium and marble have a prominent place), binoculars/laser, videogames, etc.

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Shaikh Abdullah bin Zayed Al Nahyan, UAE Foreign Minister, signing an agreement with Evangelos Venizelo, Greece Deputy Prime Minister and Foreign Minister, in the capital Athens. The UAE is investing ₏7 billion in Greece over the next few years. — Wam More than 150 Greek companies of different sectors are currently operating in the UAE market and in several free trade zones of the federation. They mainly deal with general trade, foodstuff, fur coats, hotel business, information technology, building materials, furniture, and electrical/electronic equipment.

There are also a number of major Greek construction companies working on big infrastructure projects in almost all seven emirates. Furthermore, a number of Greek companies in the shipping sector operate in the UAE, mainly in Dubai and Fujairah. Greece is one of the world’s largest shipping nations and shipping represents one of the most dynamic sectors of the Greek economy.

Therefore, my country has the potential and the keen interest to provide internationally reliable and high quality shipping services.

In the field of investments, Greece with its key geopolitical location at the crossroads of Europe, the Mediterranean and the Middle East, offers many opportunities for foreign investors, especially at a time that it is coming out from a severe economic crisis and it is giving top priority to development and the fighting of the high rates of unemployment as a result of this crisis. Generous investment incentives, fast track legal framework, structural reforms, high skilled human resources, modern and reliable infrastructure, researchanddevelopmentsupportarecreating in Greece an attractive investment frame, which offers opportunities in a wide variety of fields, such as renewable energy, infrastructure projects, food industry, information technology, real estate, banking, shipping, tourism, energy and healthcare.

The tourism sector also offers challenging opportunities for both our countries. Tourism represents the heavy industry of the Greek economy and the Greek Government makes every effort in order to further promote

Emirati and Greek people share many common elements of life such as respect of the same values, traditional and warm hospitality, passion for good and healthy food, mutual respect and true friendship

tourism,whichlastyearreachedunrepresented levels exceeding 18 millions of tourists. We are committed to continue working on this path and we are looking forward to receiving even bigger number of tourists in the course of this year. Greece and its embassy in Abu Dhabi attach great importance to tourists from the UAE, both Emiratis and expatriates, and I am happy to say that last year we witnessed a substantial increase of tourists from this country to Greece both to its mainland and to its numerous islands. However, I feel even happier when I hear from visitors to my country that they had the best impressions and experiences throughout their stay in Greece and wish to visit it again and again. For me these are the most effective ambassadors as they carry this positive message across their families, friends and compatriots.

Emirati and Greek people share many common elements of life such as respect of the same values, traditional and warm hospitality, passion for good and healthy food, mutual respect and true friendship.

Furthermore, all Emiratis, from the Leadership to the last citizen, acknowledge and show

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great respect for the rich history and culture of Greece and the everlasting teachings of the ancient Greek Philosophers. I am really pleased to hear that while being there they pay visits to the Greek museums and our famous archaeological sites.

Greece having one of the most ancient civilisations in the world, well known in the Middle East, and an active role in the modern cultural scene wishes to develop strong cultural ties with this country, especially now that the UAE in general and Abu Dhabi in particular have a vision to become the cultural center of the wider Middle East region by creating impressive museums on the Saadiyat Island, but also by promoting cultural awareness and education in fields such as poetry, literature, music, fine arts, etc.

In the UAE, around 3,500 Greek citizens live and work mostly in Abu Dhabi and Dubai, while a significant number of Greeks live also in Fujairah where Greek shipping companies are established for over 25 years. The members of the Greek community are actively present in a wide range of professional activities such as business, construction, hotels, universities, technology, healthcare, banking, commercial airlines, etc. The current number of Greek citizens and companies in the UAE is expected to grow in the coming years as more and more Greek businessmen and professionals, especially of a young age, show an increasing interest for the Emirati market.

I would like to stress that a priority for Greece and for me personally is to bring even closer not only government officials but also the business community and the citizens of the two countries, as through direct and continuous contacts at all levels and segments of both societies we can achieve better mutual understanding and more effective expansion of the potential of cooperation between the two countries and their people.

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Blooming trade relations Greece is opening up to the world, and along the way forging new partnerships and strengthening existing bilateral foreign relations Michail Vrettakis

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reece is fast casting the pall clouds of financial crisis behind and looking to turn the wheels of its economy by correcting its states finances, liberalising its policies and adopting reforms in a consistent way. After suffering an economic crisis in the last few years, Greece is opening up to the world, and along the way forging new partnerships and strengthening existing bilateral foreign relations.

There are a lot of business opportunities in different sectors in the UAE arising not only for the domestic demand but also for the strategic position of the UAE and the related services provided for companies wishing to extend its activities in the Arab and neighbouring countries. In addition, the organisation of the expo2020 in Dubai shall provide more opportunities for investments mainly in tourism and in real estate.

The volume of the trade between the UAE and Greece was â‚Ź440 million in 2013 and for this year I expect it to increase significantly.

The most important export items of Greece to the UAE are petroleum products, furs, foodstuff and beverages, telephones, lighting, construction materials (where steel, aluminium and marble have a prominent place), binoculars/laser, videogames, etc. On the other hand, UAE exports to Greece mainly comprise mineral oils, types of aluminium and ceramic products. I have to underline, also, the increasing number or Greek businessmen who are coming in all emirates and in particular to Dubai, Abu Dhabi, Fujairah and Sharjah in order to create entrepreneurial partnerships with locals. Moreover, the UAE businessmen and investment funds have intensified their visits to Greece with the purpose to explore trade and investment opportunities. In the framework of the recent second Joint Cooperation Committee between Greece and the UAE in Athens, many UAE companies and investment funds had substantial talks with Greek partners.

Greek companies, either through national pavilions or individually, are present in all the major international trade fairs in the UAE, such as Big5, Gulfood, Index, Arabian Travel Market, clean Energy, Hotel Show, Air

Michail Vrettakis, First Counsellor for Economic and Commercial Affairs Show, health tourism, beauty world middle East, sweets and Snacks Middle East, wood show, Dubai Derma etc. Additionally, more than 150 companies are present in the country dealing mainly with shipping, constructions, aluminium, trade, furs and services.

The number of business visitors and tourism from Greece is increasing constantly, since there are direct flights with Athens from Emirates and Etihad airlines. Plus, the Greek air company Aegean is about to start direct flights to Abu Dhabi. It is worthwhile to mention as well, that many other aviation companies connect daily Dubai and Abu Dhabi with Athens, via one stop.

Greece offers excellent quality products that are largely not available in the country.

We have more than 100 DOP (Denomination Original Protected) products in the European Union. Few of them such as FETA cheese, olive oils, fish products, honey etc., are imported. Yoghurt and Greek salad are also some of the most food choices to the UAE. Also, several restaurants in UAE are serving Greek cuisine.

Besides food and agricultural products, Greek marbles, solar panels and aluminum products are particularly popular in the UAE for public and private buildings. Greek marbles were used for the construction of the worship edifice of Sheikh Zayed Mosque in Abu Dhabi. Also, collective solar power installations in the tallest building of the world the Burj Khalifa and in many other buildings

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in the UAE are of Greek technology.

Greece, at the crossroads of Europe, Black Sea, Middle East, Eastern Mediterranean and Northern Africa consists a significant hub for those companies wishing to extent their activities in these areas. Also, many international fairs, targeting the above markets, are taking place every year in Greece in the fields of jewellery, energy and environment, construction, aluminum and agriculture.

Besides, the Greek Government established, since 2011, the Hellenic Republic Asset Development Fund (HRADF) with the responsibility to implement the privatisation programme of the government, which aims to attract significant international capital flows into bundled infrastructure elements. Such projects include ports, airports, water supply, highways, railroad, energy, real estate, tourism and other fields.

Greece has certain advantages that will improve returns over benchmarks on infrastructure and land development projects. It is a significant tourist destination, a major transportation and energy crossroad between East and the West and a natural entry to South East and Central Europe for world trade flowing from the East.

Michail Vrettakis is the First Counsellor for Economic and Commercial Affairs, Embassy of Greece in the UAE and head of the Hellenic Trade Center — Dubai

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Confluence of style and comfort Explore Athens, the historical capital of Europe, this summer with four daily flights by Gulf Air

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reece has always been an attractive destination to international tourists and visitors with its many attractions ranging from the country’s historic and architectural monuments to its Mediterranean coastlines. Athens, believed to be the birthplace of Western civilisation, has weaved its ancient roots across the city’s landscape, creating breathtaking views against the backdrop of modern citylife. From the Acropolis’ fortified town and the impressive ancient ruins of the Temple of Olympian Zeus to the National Garden of Athens, the city has something for every traveller.

Providing a direct connection from Bahrain to the heart of Europe’s historical capital this summer, Gulf Air offers four conveniently scheduled weekly flights to travellers visiting Greece’s largest city.

Renowned for its antiquity and influence, Athens offers a wide selection of small art galleries and museums alongside major institutions like the National Archeological Museum and the National Art Gallery on Michalakopoulou Street. During the five-year economic downturn, Athens spawned a new form of creative energy and artistic expression through graffiti and street art that has transformed the city into a contemporary canvas.

No trip to Athens would be complete

without tasting the local cuisine, famous for its souvlaki, grilled vegetables and meats topped with yoghurt-based § sauce.

For a taste of a traditional and lively Athens, a visit to Plaka and Monastiraki offers bars and cafes in these classic Athenian neighbourhoods.

Once you have indulged in all that the city has to offer let Gulf Air take care of your journey home. From June 16, Gulf Air will provide four weekly direct flights between Bahrain and Athens — and there has never been a better way to travel. With your comfort and needs in mind Gulf Air has over the past three years engaged in a comprehensive re-fleeting and

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product enhancement strategy. Today the airline’s fleet is one of the youngest in the region with an average age of 5.7 years. Additionally, the airline has fully renovated its Falcon Gold lounge at Bahrain International Airport to offer a wide range of facilities and amenities for passengers to relax or conduct their business.

The airline takes pride in its pioneering and award-winning onboard Sky Nanny and Sky Chef services, making travel with children easier and ensuring fine dining in the sky.

So don’t delay your summer vacation plans, book your trip to Athens today.

For more information, visit www.gulfair.com

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Mediterranean business hub

Greece is an investment destination whose time has come

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oday, Greece is emerging as a game changer, where deep fiscal adjustment efforts have reversed a negative story and created a positive narrative.

Sweeping reform has created a climate that embraces business, investment, and new international partnerships. Companies from around the world are establishing a presence in Greece, riding the wave of business opportunity.

One of the most important regions in the world that recognises the significant advantages of Greece today is the Middle East.

Trade and investment ties have strengthened considerably during recent years, as the Arab business community develops interest in nu-

merous investment projects, begins a robust trade partnership with Greek firms, and gains a deep knowledge of the Greek landscape, one that includes residential and resort opportunities, construction and energy projects, ICT potential, and a host of diverse sectors, including a vibrant tourism market.

Our outward-looking approach is transforming the Port of Piraeus into the next logistics hub of Europe. Home to the Mediterranean diet, our food and beverage industry is ramping up innovative production to meet global demand. As a new energy hub for transport, RES production, and hydrocarbon exploration, the next two decades will be transformative. Our shift to a knowledgebased economy is highlighting the intellectual firepower of our workforce. And as one of the world's iconic tourism destinations, unmatched opportunities from port and marina

Stephanos Issaias, CEO, Enterprise Greece development to integrated resorts are on the radar screens of market leaders.

Greece offers a well-developed infrastructure, experienced management, highly competitive costs, superb natural resources, abundant human capital, stunning beauty, geostrategic location, and attractive investment incentives, all in a Eurozone economy.

The pent up potential of Greece is being unleashed. Now is the time to put Greece on your destination map.

Enterprise Greece 3 Mitropoleos Str. 105 57 Athens GREECE T: +30 210 3355700 F: +30 210 3242079 E: info@enterprisegreece.gov.gr W: www.enterprisegreece.gov.gr

Global footsteps Expanding globally, Aegean (Fujairah) Bunkering SA is strategically located on international trade routes

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he main shipping activity of Fujairah port is bunkering, as it is conveniently located at the entrance of the straits of Hormuz and is an ideal bunkering location for vessels entering or leaving the Arabian Gulf. AEGEAN established operations there in 2000 and since then has maintained a leading role.

“Supplies are conducted by our major approved double-hull barges 24 hours/seven days a week. We supply all grades of High Sulphur Fuel Oil and Marine Gasoil DMA meeting latest ISO specifications,” said George Moustakas, Station Manager, Aegean (Fujairah) Bunkering SA. The deliveries take place at the Fujairah anchorage and in port, Khor Fakkan anchorage and in port and Kalba anchorage. No agency attendance is required for bunker-only calls, however, in the last few years AEGEAN has started to provide agency service to clients.

Apart from these services, it also maintains (floating) storage facilities in the area and will

George Moustakas, Station Manager

operate a tank farm this year. AEGEAN also offers a full range of lubricants in the area.

Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and supplies refined marine fuel and lubricants to ships in port and at sea.

The company procures product from various sources such as refineries, oil producers and traders and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines using its fully owned bunkering tankers.

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Currently, AEGEAN has presence in 22 markets, including the US East Cost, Vancouver, Montreal, Mexico, Jamaica, Trinidad and Tobago, Gibraltar, UK, Northern Europe, Piraeus, Patras, the UAE, Singapore, Morocco, the Antwerp-Rotterdam-Amsterdam (ARA) region, Las Palmas, Tenerife, Panama, Hong Kong, Barcelona and Algeciras, Spain. The company has also entered into a strategic alliance to extend its global reach to China.

“Since our establishment in 2000, we have strengthened our position in the market and have become one of the main players. We are extremely satisfied that Fujairah has become one of the most important places for bunkering in the world and we believe that Aegean’s contribution towards this direction is remarkable,” concludes Moustakas.

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Construction specialists TERNA SA has been involved in several notable projects, adding to its expertise

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stablished and operating in Greece since 1972, TERNA SA has been actively involved in the implementation of a broad spectrum of public and private projects of considerable budget and complexity.

The main areas of the company construction expertise are: Infrastructure: Railway, light rail and metro, highway road-works tunnels and bridges.

Buildings: High quality buildings, hospitals, hotels and resorts, cultural centres and theatres, malls and athletic installations.

Energy and industrial: Hydro-electric plants, dams, thermo electric power plants, gas-fired power plants wind parks,

waste to energy projects, and oil and gas installations. The company has expanded its operations overseas in Eastern Europe, Balkans, North Africa and has established branches and operates in the Gulf region, namely the UAE, Qatar, Saudi Arabia, Bahrain, and Iraq.

Major projects executed and under construction by the company in the region include: • Khalifa Park Rotana Hotel in Abu Dhabi • Doha Express Way D-Ring Road interchange in Qatar • Rifaa Views villas in Bahrain • Merqab Mall Doha, Qatar • Al Rayan Residential Complex, Sharjah • Danat Al Emarat Hospital, Abu Dhabi • North East underground car park for Qatar Foundation in Qatar • Damam Jubeil Double Railway in Saudi Arabia • A 100-bed hospital at Safwan, Iraq

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building solid foundations Bringing the best of Greek engineering to the Middle East, Salfo and Associates are stakeholders in the region’s development

Sadiq Shaban

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alfo and Associates is a Greek engineering company, covering a spectrum of activities like design, project and construction management for the infrastructure sector, which includes highways, roads, bridges, metro train, ports and airports. The firm has also ventured into architectural and structural plans for hospitals, hotels, villas etc.

Established in 1994, Salfo recently expanded its activities to include the oil and gas business. With experience of over two decades, the engineering and management consultants, with offices in Athens Greece, set up its first office in the GCC in 2006 in Abu Dhabi.

It has been on a network-widening spree ever since. A year later Salfo established an office

in Qatar. In 2012, its office featured in Saudi Arabia and a few weeks ago a branch office was set up in Oman.

“With extensive experience in infrastructure projects in Greece, we decided to increase our footprint. Middle East was the best market for us. As Greeks, we are more familiar with the Arab culture. We can leverage our contacts here. Our first big project was the Al Reem islands as a sub-consultant in Abu Dhabi when it was just a landmass. Now we have a number of projects under our belt. Currently, we are working for the Department of Transport in Abu Dhabi for design and supervision of several infrastructure projects,” said Ioannis Foteinos, CEO, Salfo and Associates.

The company’s other major operations in the Middle East include New Doha International Airport and a highway project. Apart from providing technical support to the Saudi Railway Company, Salfo is doing design review for north and south access of the train in the country. “We are the designers for several

Ioannis Foteinos, CEO, Salfo and Associates projects undertaken by Saudi Industrial Property Authority (MODON),” Foteinos added.

With a passion to build a culture of excellence, the firm has been working on numerous projects of repute both on a stand-alone basis and in partnership with other big companies.

Salfo’s CEO is optimistic about the firm’s growth in the region. “Our strategy is to offer the highest quality of services. We strive to be competitive and offer the very best of our expertise. As a firm that understands the culture and work ethos of the Gulf, we hope to contribute further in the coming years. Salfo values professionalism, places huge emphasis on respect for clients and offers the best professional services,” Foteinos concluded.

—sadiq@khaleejtimes.com

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Reviving business confidence Bolstered by the Trans Adriatic Pipeline project, Greece is keen to turn the wheels of its economy and become a regional energy hub

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s an emerging regional energy hub Greece is capitalising on its geographical position, upgrading its energy infrastructure, and emerging as an upcoming regional energy hub that can contribute to the European energy security, an issue brought to the fore once again by the current crisis in Ukraine.

The Shah Deniz II Consortium’s June 2013 decision in favour of the construction of the Trans Adriatic Pipeline (TAP), which will carry Azeri natural gas to Italy and Central Europe, via Greece, Albania and the Adriatic Sea, is a major turning point on Greece’s path to become a regional energy hub.

The choice of TAP as a conduit for carry-

ing Caspian natural gas to European markets significantly upgraded Greece’s status on the energy map. It was a vote of confidence in a recovering Greek economy, contributing to the improvement of the economic climate.

With an annual capacity of 10 bcm initially and 20 bcm during the second stage of development, the TAP represents a foreign direct

» Continued on next page

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A name of trust

For almost three decades, Fairdeal has been at the forefront of safeguarding the marine environment

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airdeal established the first independent oil spill response facility within the AG region in 1985. Its response capability in the UAE has continued to grow and the company has been able to offer on the spot assistance for over a quarter of a century. The facility has expanded over the years with a regularly updated oil spill response inventory. This includes a dedicated fleet of oil spill response vessels, portable spill response equipment, and handson training drills — collectively serving as a guarantee of the company’s dedication to the care of the environment.

Fairdeal’s OSRC is constantly on standby and a rapid response and deployment of its specialised equipment and skilled operators is fundamental to a successful containment and recovery in the event of a spill.

In addition to its impressive stock of specialised equipment, Fairdeal is able to offer a comprehensive package of spill response services, including recovery, storage, in-house

Reviving business confidence » Continued from previous page investment of €1.5 billion. As a part of the European strategy for creating a southern natural gas corridor, it will strengthen Greek and European energy security. In addition to promoting regional synergy between Greece, Italy, Albania, Turkey and Azerbaijan, other countries in the region too would benefit from the TAP, as a cooperation platform, as they are linked to the project in the future via the planned branch pipeline, IAP (Ionian Adriatic), to Croatia, Montenegro and Bosnia-Herzegovina.

Another major energy infrastructure project set to begin construction early in 2015 is the Interconnector Greece-Bulgaria (IGB), a reverse-flow pipeline that will supply Bulgaria and Central European countries with natural gas from the TAP and Greek LNG imports. IGB will be fully operational in 2016 with a capacity potential of 5 bcm annually.

Greek-owned tankers are already carrying natural gas to Greece’s state-of-the-art liquefied natural gas terminal at Revithoussa, a small island near Athens. Since its inauguration in 2000, it has received more than 400 LNG ships. Revithoussa has significant strate-

Abdalla El Suleiman, Manager, OSRC STS operation and shoreline protection.

Commensurate with spill response, the company’s founder Captain Michael Sarros foresaw the need to provide facilities for tankers proceeding into the Gulf to responsibly discharge oil residues as a means of safe-

gic advantages, located only 650 nmi from the Suez Canal, through which Qatari natural gas is transported to Europe. The current upgrading of the Revithoussa facilities and of LNG storage facilities in Northern Greece is aimed at making Greece a major European gateway for LNG and a vital supply link in Europe’s Central Corridor, which will give the country another key role in the diversification of energy supplies for the Balkans and Central and Eastern Europe.

A further development with the potential to

With an annual capacity of 10 bcm initially and 20 bcm during the second stage of development, the TAP represents a foreign direct investment of €1.5 billion.

As a part of the European strategy for creating a southern natural gas corridor, it will strengthen Greek and European energy security.

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guarding the environment. This led to the introduction in 1985 of an offshore reception and management facility for ship-generated oily wastes for vessels on passage. Uniquely, this enabled responsible ship owners to safely offload otherwise problematic tank washings in an environmentally sound manner.

The company over the years is committed to continuously improving technology, enhancing reception and treatment facilities in order to provide owners and operators with a dedicated service.

Fairdeal participates and encourages national cleanup campaigns and supports every initiative in this respect caring for the region’s coastal waters.

Port authorities, governmental, regional and international organisations throughout the area have acknowledged the company’s efforts for continuing contribution to safeguarding the marine environment.

alter the regional energy landscape decisively — following the recent discoveries of large offshore hydrocarbon deposits in Cyprus — is the Greek government’s intention to move ahead with exploration for and exploitation of its offshore mineral wealth. Concessions for three areas have already been granted. Norway’s PGS has carried out the initial seismic surveys in the maritime regions of western Greece and southern Crete, and the Greek government has now made the resulting “Greece MegaProject” database available for purchase by prospective investors before it moves ahead with the next round of licensing for exploration and exploitation of offshore fields. The Greek government is optimistic, and Environment, Energy and Climate Change Minister Maniatis stated in January that “it arises from the initial evaluation of the data that there are interesting geological structures that exhibit significant similarities with corresponding structures in neighbouring countries that are already producing hydrocarbons.”

All of these developments — construction of the TAP and IGB, operation and upgrading of Revithoussa, efforts to confirm and exploit Greek hydrocarbon deposits — indicate that energy may well have a key role to play in Greece’s recovery, as the country emerges as a regional energy hub while making an important contribution to European energy security.

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