DOCSLIB.ORG

Decision-EN-Nonconfidential Revised

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Decision-EN-Nonconfidential Revised COMMISSION DECISION of 5 March 2008 on the granting or maintaining in force by the Hellenic Republic of rights in favour of Public Power Corporation S.A. for extraction of lignite (Text with EEA relevance) (Only the Greek text is authentic) 1. THE FACTS ........................................................................................................... 4 1.1. The company ................................................................................................. 4 1.1.1. The statutes of the company ............................................................. 4 1.1.2. The activities of the company........................................................... 5 1.2. The Greek lignite sector................................................................................. 7 1.2.1. Introduction on lignite ...................................................................... 7 1.2.2. The legal and regulatory framework ................................................. 9 1.2.3. The list of lignite deposits in Greece............................................... 11 1.2.4. The decisions taken by the Hellenic Republic for public deposits .......................................................................................... 14 1.2.4.1. The Drama and Elassona deposits for which only exploration rights have been granted ............................... 14 1.2.4.2. The public deposits for which both exploration and exploitation rights have been granted .............................. 15 1.2.4.3. The other public deposits for which NO rights have been granted.................................................................... 18 1.2.4.4. Conclusion on the attribution of concessions on public deposits ................................................................ 19 1.2.5. Production of lignite and the impact of PPC rights.......................... 19 1.3. The Greek electricity sector ......................................................................... 22 1.3.1. Introduction to the legislative and regulatory framework ................ 23 1.3.2. Electricity generation...................................................................... 25 1.3.2.1. Installed capacity ............................................................ 25 1.3.2.2. The authorisation processes for new plants...................... 28 (a) Introduction .................................................................... 28 (b) Licenses for plants based on renewable sources (RES) and CHP plants..................................................... 29 (c) Licenses for plants other than those based on RES and CHP ......................................................................... 29 (d) Conclusion on the licensing of plants .............................. 33 1.3.2.3. Effective production and the specific role of lignite......... 34 1.3.3. Imports........................................................................................... 38 1.3.4. Wholesale market........................................................................... 39 1.3.5. Transport and distribution of electricity in Greece .......................... 42 1.3.6. Retail Electricity supply ................................................................. 42 2. THE PROCEDURE .............................................................................................. 44 2.1. The Complaint and the Letter of Formal Notice ........................................... 44 2 2.2. The replies by the Hellenic Republic and by PPC......................................... 45 2.2.1. In relation to the lignite supply market............................................ 45 2.2.2. Concerning PPC’s rights in relation to lignite exploitation.............. 45 2.2.3. In relation to lignite-fuelled generation of electricity ...................... 46 2.3. The further facts submitted by the Hellenic Republic after the answer to the Letter of formal notice........................................................................ 46 2.4. The supplementary Letter of formal notice and replies by the Hellenic Republic and PPC........................................................................................ 48 2.5. The replies by the Hellenic Republic and PPC to the supplementary Letter of formal notice ................................................................................. 48 2.6. Other letters ................................................................................................. 50 3. OTHER PROCEDURES....................................................................................... 51 3.1. Procedure on the basis of State aid rules....................................................... 51 3.2. Procedure in relation to EC Directive 2003/54 ............................................. 51 4. ASSESSMENT ..................................................................................................... 52 4.1. Applicability of Article 86 of the EC Treaty................................................. 52 4.2. State measure contrary to Article 82 and Article 86...................................... 53 4.2.1. The relevant markets ...................................................................... 54 4.2.1.1. The relevant product markets .......................................... 54 4.2.1.2. The relevant geographic markets..................................... 55 4.2.2. Dominant Position.......................................................................... 57 4.2.2.1. Lignite ............................................................................ 57 4.2.2.2. Electricity wholesale....................................................... 58 4.2.3. The substantial part of the common market..................................... 58 4.2.4. The incompatibility of the State measure ........................................ 58 4.2.4.1. The legal framework ....................................................... 58 4.2.4.2. The State measures ......................................................... 59 4.2.4.3. Analysis.......................................................................... 59 4.2.4.4. Conclusion...................................................................... 72 4.2.5. No justification under Article 86 (2)............................................... 73 4.2.6. Effect on trade between Member States .......................................... 73 4.2.7. Remedies........................................................................................ 73 ************** 3 THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Community, and in particular Article 86 (3) thereof, Having given the Greek authorities and Public Power Corporation S.A.(PPC) the opportunity, by letters of 1 April 2004, of 3 May 2004, of 21 September 2005 and of 18 October 2006 respectively, to make known their views on the objections raised by the Commission with regard to Greek legislation relating to lignite extraction rights, Whereas: 1. THE FACTS 1.1. The company 1. PPC is a corporation seated in the Municipality of Athens, Greece. It is one of the largest industrial enterprises in Greece in terms of fixed assets1, active mainly in Greece and in the sectors of electricity and lignite. As of the end of 2006, PPC had 26 208 employees. In the year 2006, PPC achieved total revenues of 4 787 million €, and a net income after tax of 22 million €. 1.1.1. The statutes of the company 2. PPC was established in 1950 by the Greek Law 14682 as a 100% state-owned Public Corporation with exclusive right to generate, transport, and supply electricity throughout Greece. 3. In 1996, Law 2414/1996 for the modernisation of the Public Enterprises granted the Hellenic Republic the right to transform PPC into a shareholding company with a single share holder, the Hellenic Republic. 4. On 1 January 2001, pursuant to Article 43 of Greek Law 2773/1999 for the Liberalisation of the Electricity Market, inter alia transposing EC Directive 96/923, the first EC directive liberalising the electricity market, and pursuant to the Presidential Decree 333/2000, PPC was transformed into a “Société Anonyme” with a share capital of 222 billion GDR (650 million €). On 12 December 2001, PPC issued for the first time shares on the Athens Stock Exchange House as well as Global Depositary Receipts on the London Stock Exchange. The Hellenic Republic further sold some of its shares in December 2002 and October 2003. 1 PPC total assets amounted to 12 938 million Euros at the end of 2006, according the consolidated financial results for 2006 published by PPC on 30 March 2007 (available on PPC’s website http://www.dei.gr). 2 Official Journal of the Hellenic Republic, volume A, issue 169. 3 Directive 96/92/EC of the European Parliament and of the Council of 19 December 1996 concerning common rules for the internal market in electricity Official Journal L 027 , 30/01/1997 P. 0020 - 0029 5. According to Article 43 paragraph 3 of Law 2773/1999, the participation of the Hellenic Republic in the capital stock of the company at any time cannot be less than 51% of the voting shares of the company even after each increase of the capital stock. Thus PPC is controlled by the Hellenic Republic. Current shareholders of PPC’s capital are shown in the table below: Table 1 Shareholding in PPC as of 31.12.2006 Shareholder % of shares The Hellenic Republic 51.12 OAP – PPC (the Pension Fund of PPC employees)4 3.81 Fidelity Investments 5 Free float. Athens and London Stock Exchanges 40.07 6. According to Article
Load more

Recommended publications
  • Mineralogical and Chemical Properties of FGD Gypsum from Florina, Greece
    Journal of Chemical Technology and Biotechnology J Chem Technol Biotechnol 83:20–26 (2008) Mineralogical and chemical properties of FGD gypsum from Florina, Greece Nikolaos Koukouzas1∗ and Charalampos Vasilatos2 1Centre for Research and Technology Hellas/Institute for Solid Fuels Technology and Applications, Attica Technology Park, P.O. Box 60228, 153 10 Ag. Paraskevi, Athens, Greece 2University of Athens, Department of Geology & Geoenvironment, Section of Economic Geology & Geochemistry, 15724, Panepistimiopolis, Athens, Greece Abstract BACKGROUND: The aim of this work is to define the chemical and mineralogical composition of the fuel gas desulphurization (FGD) gypsum produced from the Meliti thermal power plant in the region of Florina in North West Greece, in order to investigate potential uses in the cement industry. Mineralogical and microprobe analyses were carried out on FGD gypsum samples collected from the Meliti 330 MW lignite-fired power plant. RESULTS: Results show that the main component of the FGD gypsum is pure mineral gypsum (CaSO4·2H2O). The particle size of the gypsum ranges from 5 to 50 µm and the crystals are mainly of rhomboid shape. Microprobe analysis shows that the concentration of CaO and SO3, which are the main components, range from 31.9%–32.5% and from 45.90–46.40%, respectively. CONCLUSION: This FGD gypsum can easily substitute the natural gypsum used in the production of cement. 2007 Society of Chemical Industry Keywords: petrography; SEM; FGD gypsum; X-ray diffraction INTRODUCTION fly ash, for mine reclamation, to fill in openings that In 2001 the European Commission introduced the are left following the completion of mining activities.
    [Show full text]
  • Greek Energy Directory 2 0 1 6
    ) ENERGIA•gr Greek Energy Directory 2 0 1 6 t n e m Business The Oil Sector Natural Gas The Electricity SectorRenewable EnergyEnergy Sources Efficiency &The Co Genera2on Legal FrameworkResearch & DevelopDirectory TERNA ENERGY is a major player in the Renewable Energy Market and specifically in the development of Wind Parks, in Hydroelectric Projects, Solar Energy Plants as well as Waste to Energy and Biomass Projects, with presence in Greece, Europe and the USA. The total installed capacity of the Group accounts for 664 MW: 394 MW in Greece, 138 MW in the USA, 102 MW in Poland and 30 MW in Bulgaria, while 274 more MW are currently under development in Greece and abroad. Overall, the company operates, is constructing or has fully licensed 938 MW of RES installations in Europe and the USA. The company is targeting to reach almost 1,000 MW of RES projects in operation in all countries where it is active, over the following years. T A B L E O F C O N T E N T S Publisher’s Foreword 9 Preface by the Minister of Environment and Energy, Mr. PANOS SKOURLETIS M.P. 11 1. An introduction to Greece’s Energy Sector by COSTIS STAMBOLIS, Execu=ve Director, IENE and Managing Editor of Energia.gr 14 2. The Oil Sector Overview of Greece’s Oil Sector by COSTIS STAMBOLIS 40 Hellenic Petroleum, A Market Leader in SE Europe by GRIGORIS STERGIOULIS, CEO, HELPE 49 Hydrocarbon E &P sector: When the Vision Becomes a Reality by Professor SOFIA STAMATAKI, ex - Chairman, Hellenic Hydrocarbons Managements Company (ΕΔΕΥ) 53 A New Era for Greece’s Upstream Sector by MATHIOS RIGAS, CEO, Energean Oil & Gas 61 Greece’s Oil Retail Market by DIMITRIS MEZARTASOGLOU, Research Associate, IENE 67 3.
    [Show full text]
  • Accelerated Lignite Exit in Bulgaria, Romania and Greece
    Accelerated lignite exit in Bulgaria, Romania and Greece May 2020 Report: Accelerated lignite exit in Bulgaria, Romania and Greece Authors: REKK: Dr. László Szabó, Dr. András Mezősi, Enikő Kácsor (chapters 1, 2, 3, 4 and 5) TU Wien: Dr. Gustav Resch, Lukas Liebmann (chapters 2, 3, 4 and 5) CSD: Martin Vladimirov, Dr. Todor Galev, Dr. Radostina Primova (chapter 3) EPG: Dr. Radu Dudău, Mihnea Cătuți, Andrei Covatariu, Dr. Mihai Bălan (chapter 5) FACETS: Dr. Dimitri Lalas, Nikos Gakis (chapter 4) External Experts: Csaba Vaszkó, Alexandru Mustață (chapters 2.4, 3.2, 4.2 and 5.2) 2 The Regional Centre for Energy Policy Research (REKK) is a Budapest based think tank. The aim of REKK is to provide professional analysis and advice on networked energy markets that are both commercially and environmentally sustainable. REKK has performed comprehensive research, consulting and teaching activities in the fields of electricity, gas and carbon-dioxide markets since 2004, with analyses ranging from the impact assessments of regulatory measures to the preparation of individual companies' investment decisions. The Energy Economics Group (EEG), part of the Institute of Energy Systems and Electrical Drives at the Technische Universität Wien (TU Wien), conducts research in the core areas of renewable energy, energy modelling, sustainable energy systems, and energy markets. EEG has managed and carried out many international as well as national research projects funded by the European Commission, national governments, public and private clients in several fields of research, especially focusing on renewable- and new energy systems. EEG is based in Vienna and was originally founded as research institute at TU Wien.
    [Show full text]
  • AXIA Research
    Greece Outlook 2019: The year of the elections AXIA Research Table of Contents Start of a new era ......................................................................................................... 3 Early elections or at the end of the government’s term? ....................................................................... 3 Unexciting economic performance, while fiscal space shrinks without pro-growth ........................................... 4 Elections is the key catalyst for the markets .................................................................................... 5 Top picks ......................................................................................................................... 5 2019, the year of the elections ......................................................................................... 6 The day after the Prespa Agreement ......................................................................................................................................... 6 Timing of elections: May vs. September/October ...................................................................................................................... 7 Looking at recent polls ............................................................................................................................................................... 9 Strategies by Syriza and ND ahead and after the elections ...................................................... 13 Syriza to try to close the gap with ND as is already regrouping
    [Show full text]
  • Piraeus Bank Greek Government Bond Index
    Greek Fixed Income Monitor: Greek Government Bonds: Closer to Investment Grade after the S&P Upgrade. Ilias Lekkos [email protected] Dimitria Rotsika [email protected] Economic Research & Investment Strategy Haris Giannakidis [email protected] April 2021 Paraskevi Vlachou [email protected] BLOOMBERG TICKERS Piraeus Bank Government Bond Index: {PBGGGSBI Index<GO>} Weighted Average Yield: {PBGGGWAY Index<GO>} Piraeus Bank Government Bond Index : {PBGGGCBI Index<GO>} Weighted Average Yield : {PBGGIWAY Index<GO>} Agenda 1 Μηνιαία Επισκόπηση / Monthly Commentary 2 Piraeus Bank Greek Government Bond Index 3 GGB – spreads: Fair value & Risk assessment 4 Piraeus Bank Greek Corporate Bond Index 5 Financial Analysis of Members of Piraeus Bank Corporate Index 2 Μηνιαία Επισκόπηση: Απρίλιος 2021 Οριακές απώλειες τον Απρίλιο για τα κρατικά ομόλογα με τις μεγαλύτερες αυξήσεις στα επιτόκια να παρατηρούνται στις μακροπρόθεσμες λήξεις της καμπύλης. Συγκεκριμένα, ο Δείκτης Κρατικών Ομολόγων κατέγραψε μείωση της τάξης του -0.46% τον Απρίλιο στις 684 μονάδες. Η μεσοσταθμική απόδοση του δείκτη, αν και ελάχιστα υψηλότερη σε σχέση με τις αρχές του 2021, παραμένει σε χαμηλά επίπεδα σηματοδοτώντας ότι η ζήτηση στην ελληνική αγορά ομολόγων παραμένει δυνατή. Ενδεικτικό της ζήτησης είναι και η έκδοση του 5ετούς ομολόγου με μηδενικό κουπόνι η οποία υπερκαλύφθηκε κατά 6.7 φορές του ποσού έκδοσης των €3 δις ενώ πάνω από 80% της έκδοσης διακρατείται από μακροπρόθεσμού επενδυτές. Παρά το γεγονός ότι το ποσό των €12 δις από το πρόγραμμα δανεισμού του 2021 έχει ήδη καλυφθεί, το επόμενο διάστημα και επιπρόσθετα του 5ετούς ομολόγου αναμένεται να υπάρξουν και νέες εκδόσεις πιθανότατα με την μορφή επανέκδοσης. Ώθηση στην αγορά ομολόγων δόθηκε και από την μη αναμενόμενη αύξηση κατά μια βαθμίδα της πιστοληπτικής αξιολόγησης της χώρας σε ΒΒ από τον οίκο S&P χωρίς ωστόσο να καταγραφεί μείωση στις αποδόσεις των κρατικών ομολόγων.
    [Show full text]
  • ³Privatisation, Employment and Employees´ Nikiforos Manolas
    &RQIHUHQFHRQ ³3ULYDWLVDWLRQ(PSOR\PHQWDQG(PSOR\HHV´ 1LNLIRURV0DQRODV (FRQRPLVW 0LQLVWU\RI(FRQRP\DQG)LQDQFH *UHHFH 5HJXODWRU\ 5HIRUPV 6WUXFWXUDO &KDQJHV DQG 3ULYDWLVDWLRQ LQ *UHHFH GXULQJ V 3DSHU VXEPLWWHG EXW QRW SUHVHQWHG ± 2FWREHU $WDN|\ ,VWDQEXO 7XUNH\ 5HJXODWRU\5HIRUPV6WUXFWXUDO&KDQJHVDQG3ULYDWLVDWLRQLQ*UHHFHGXULQJV ,%DFNJURXQG During 90s, for the fist time in post-war history, Greek strategies for economic development shifted markedly reliance on market forces rather than on state-managed growth. In the pre-1974 period Greece’s state-led development strategy based on import substitution and credit allocation produced strong growth (7% with manufacturing on the average at 11.4% annually), combined with low inflation (4%) and small balance of payments deficits (2.1% of GDP) until 1974. From 1974 until 1995 the economy showed a completely different picture. GDP annual growth rate averaged 2%, manufacturing growth slowed to almost zero, annual inflation averaged 18%, and the average external deficit, as a share of GDP, doubled. This performance was much worse than that of its neighbors and the other countries of the European Union (EU). The economic slowdown can be attributed almost completely to two major factors, namely the decline in the share of total investments in GDP, and the decline in the productivity of new investments. In an environment which had led to a downward spiral in economic performance, ultimately resulting in crisis (of slowing growth) and many large private firms that had grown rapidly in
    [Show full text]
  • Constantinos Lambadarios
    Constantinos Lambadarios Constantinos Lambadarios is one of the leading transactional lawyers in Greece. He is the firm’s managing partner and head of the M&A, Real Estate and Competition/Antitrust practice groups. Under his bold and progressive leadership, Lambadarios has grown to become a modern, internationally minded firm and is increasingly recognized as one of the legal powerhouses in Athens. Constantinos himself is a dynamic and highly experienced corporate lawyer and is ranked and listed in the major legal directories. He has played a leading role in many landmark transactions, supporting domestic and international clients in realizing their strategic goals, and has a reputation for being relentless in his pursuit of practical solutions to even the most complex challenges. He is recognized by clients and directories alike as a thoroughly modern lawyer, combining acute commercial awareness and strategic thinking with deep technical expertise and outstanding communication, team and leadership skills. As well as advising on sophisticated financial arrangements and corporate transactions, Constantinos is also a highly skilled arbitrator and accredited mediator. He has also been instrumental in establishing the firm’s Epaminondas Lambadarios Scholarship, a scholarship set up in partnership with The Geneva LL.M. in International Dispute Settlement (MIDS) for aspiring Greek lawyers interested in pursuing a career in international dispute management. M&A As head of the firm’s M&A practice, Constantinos is an experienced and astute legal adviser and dealmaker. He has supported domestic and international clients from many sectors on a wide range of complex corporate transactions, from privatizations, domestic and cross-border mergers and acquisitions and restructurings to spin offs and disposals, joint ventures and share-purchase agreements.
    [Show full text]
  • WOOD's Winter in Prague
    emerging europe conference WOOD’s Winter in Prague Tuesday 5 December to Friday 8 December 2017 Please join us for our flagship event - now in its6th year - spanning 4 jam-packed days. We expect to host over 160 companies representing more than 15 countries. Click here & For more information please contact your WOOD sales representative: Tuesday: Energy, Industrials and Materials Register Warsaw +48 222 22 1530 Wednesday: TMT and Utilities Now! Prague +420 222 096 453 Thursday: Consumer, Healthcare and Real Estate London +44 20 3530 7685 Friday: Diversified and Financials [email protected] Invited Companies by country Bolded confirmed Austria Hungary Kruk LUKOIL Aygaz AT & S ANY LPP Luxoft BIM Atrium Budapest Stock Exchange Mabion M.video Bizim Toptan BUWOG Gedeon Richter mBank Magnit Brisa DO&CO Graphisoft Park Medicalgorithmics MMK Cimsa Erste Group Bank MOL Group Orange Polska Moscow Exchange Coca-Cola Icecek Immofinanz OTP Bank Pfleiderer Group Mostotrest Dogus Otomotiv OMV Waberer’s PGE MTS Erdemir PORR Wizz Air PGNiG NLMK Garanti Raiffeisen Bank Iraq PKN Orlen Norilsk Nickel Halkbank Strabag DNO PKO BP NovaTek Is REIT Telekom Austria Genel Energy PKP Cargo O’KEY Isbank Uniqa Kazakhstan PLAY PIK Kardemir Vienna Insurance Group KMG EP Prime Car Management Polymetal International Koc Holding Warimpex Nostrum Oil & Gas PZU Polyus Lokman Hekim Croatia Steppe Cement Synthos Raven Russia Migros Ticaret Podravka Lithuania Tauron Rosneft Otokar Czech Republic Siauliu Bankas Warsaw Stock Exchange Rostelecom Pegasus Airlines CEZ Poland
    [Show full text]
  • Mineralogy and Geochemistry of Greek and Chinese Coal Fly
    Fuel 85 (2006) 2301–2309 www.fuelfirst.com Mineralogy and geochemistry of Greek and Chinese coal fly ash Nikolaos K. Koukouzas a,*, Rongshu Zeng b, Vassilis Perdikatsis c, Wendong Xu b, Emmanuel K. Kakaras a a Centre for Research and Technology Hellas, Institute for Solid Fuels Technology and Applications, Attica Technology Park, GR-15310, Agia Paraskevi, Athens, Greece b Institute of Geology and Geophysics, Chinese Academy of Sciences, Beijing 100029, China c Technical University of Crete, Department of Mineral Resources Engineering, 73100 Chania, Crete, Greece Received 5 May 2005; received in revised form 6 February 2006; accepted 6 February 2006 Available online 15 June 2006 Abstract In this paper the mineralogy and geochemistry of Greek and Chinese coal fly ash are examined. Annual production of fly ash in China is around 160 Mt while in Greece lignite fly ash accounts around 10 Mt. Even though the mineralogical and chemical composition of the fly ashes coming from these two countries differs, there are common questions on the utilization of this material. The variation of the Greek fly ash’ chemical composition, from Ca-poor to Ca-rich fly ash, has resulted to applications such as dam construction, use in cement and possibly in concrete and road construction. The Chinese fly ash, which is rich in mullite, is broadly applied for brick making. Ó 2006 Elsevier Ltd. All rights reserved. Keywords: Fly ash; Mineralogy; Geochemistry 1. Introduction mary energy after the United States. According to the data published by State Bureau of Statistics, China’s GDP was Lignite plays an important role in Greece’s energy sector 15987.8 billion RMB (about 1998.4 billion USD) in 2004.
    [Show full text]
  • Business Review 2007
    BUSINESS REVIEW 2007 40 STADIOU, GR-102 52 ATHENS BUSINESS REVIEW 2007 Alpha Bank owns one of the most complete collections of ancient Greek coins with more than 10,000 items from the entire ancient Greek world. In 2007, the Bank organised, for the first time since its foundation, the exhibition “Hellenic Coinage: the Alpha Bank Collection” at the Benaki Museum. In the exhibition, which was viewed by more than 11,000 visitors, 500 ancient coins were shown, minted in regions ranging from the current Great Britain to India and from Ukraine to Africa, among which many unique ones. For this reason, it was decided to illustrate the Business Review of the Bank, for the year 2007, with some of the masterpieces and the rarities of the Alpha Bank Numismatic Collection. Aegina. Silver stater, 479-456 BC O: Turtle. R: Incuse square, divided into five compartments (skew pattern). The first city-state in Greece to struck its own coins was Aegina around 560 BC. The iconographic type distinctive of the staters of Aegina, from the beginning to the end of its coinage is the turtle. On the reverse of the early Aeginetan coins is an irregular incuse square, which as time passed acquired a definite shape, divided by cross-arms into quadrants. The schematic reverse type of these first coins in Greece has been the Alpha Bank logo since 1972. Table of Contents TABLE OF CONTENTS page. BRIEF HISTORY ........................................................................................................................... 5 KEY INDICATORS........................................................................................................................
    [Show full text]
  • Gek Terna Societe Anonyme Holdings Real Estate Constructions
    GEK TERNA SOCIETE ANONYME HOLDINGS REAL ESTATE CONSTRUCTIONS 85 Mesogeion Ave., 115 26 Athens Greece General Commercial Registry No. 253001000 (former S.A. Reg. No. 6044/06/Β/86/142) ANNUAL FINANCIAL REPORT for the period 1 January to 31 December 2017 In accordance with article 4 of L. 3556/2007 and the relevant executive Decisions by the Board of Directors of the Hellenic Capital Market Commission GEK TERNA GROUP Annual Financial Statements of the financial year 1 January 2017 - 31 December 2017 (Amounts in thousands Euro, unless otherwise stated) CONTENTS I. STATEMENTS BY MEMBERS OF THE BOARD OF DIRECTORS .............................................. 4 II. INDEPENDENT AUDITOR'S REPORT .................................................................................. 5 III. REPORT ON SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS .............................. 5 IV. ANNUAL REPORT OF THE BOARD OF DIRECTORS FOR THE FINANCIAL YEAR 2017 ............ 12 V. ANNUAL FINANCIAL STATEMENTS SEPARATE AND CONSOLIDATED OF 31 DECEMBER 2017 (1 JANUARY - 31 DECEMBER 2017) ........................................................................................ 51 STATEMENT OF FINANCIAL POSITION.................................................................................... 52 STATEMENT OF COMPREHENSIVE INCOME ........................................................................... 54 STATEMENT OF CASH FLOWS ................................................................................................ 56 STATEMENT OF CHANGES IN EQUITY ...................................................................................
    [Show full text]
  • PRESS RELEASE Athens, June 11, 2021 MOTOR OIL – GEK TERNA
    PRESS RELEASE Athens, June 11, 2021 MOTOR OIL – GEK TERNA Joint Venture The two Groups jointly proceed with a EUR 375 million energy investment project at the Komotini area The Groups of MOTOR OIL and GEK TERNA hereby announce their joint cooperation for the development, construction, and operation of a new modern Combined Cycle Gas Turbine (CCGT) power plant fueled with natural gas of 877 MW capacity located in the industrial area of Komotini. The EUR 375 million project is one of the largest investments in the Greek energy market set to create approximately 500 new job positions during the construction phase and 100 permanent job positions during the commercial operation of the plant. The main equipment to be used for the construction of the plant will be of the most advanced technology leading to peak performance. The construction of the power plant is scheduled to commence within the year 2021 and is expected to be commissioned for commercial operation early in the year 2024. TERNA will undertake the construction works of the plant. The two groups will participate with a 50% stake each in the joint scheme which will develop the power plant. The above agreement is subject to approval by the Competent Authorities. MOTOR OIL Group is a modern energy group with a leading role in the crude oil refining and marketing of petroleum products in Greece and the wider Eastern Mediterranean region. The Group has presence in the energy and natural gas supply sector through its subsidiary NRG Supply and Trading S.A. which is an integrated energy provider offering energy solutions to household, commercial and industrial customers.
    [Show full text]