Greece Special Report

GreeceSPECIAL REPORT | May 22, 2014

ReclaiminggloRyArenewedfocusoninvestments isattractinginvestorstoGreece

C o n t e n t S

SPECIALREPORT | MAY22, 2014

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Close partners and true friends 4Blooming trade relations 6Confluence of style and comfort 7Mediterranean business hub 8Global footsteps 8Construction specialists 10Building solid foundations 12Reviving business confidence 13A name of trust 14

l Executive Editor: Patrick Michaell Supplements Editor: Suchitra Steven Samuel

l Sub-editor: Sadiq Shabanl Reporters: Farhana Chowdhury, Suneeti Ahuja-Kohlil Design & Layout: Mohammad Ejaz Khan, Sidharthan

l Imaging: Venugopal Prabhul Director Advertising: Haroon Qureshi

l Senior Advertisement Manager (Supplements):Philip Smith

l DubAi HEAD OFFiCEP.O. Box 11243, Tel: +971 4 3383535,

Fax: +971 4 3383345/46,E-mail: [email protected]

l Abu DHAbiP.O. Box 3082, Tel: +971 2 6337666, Fax: +971 2 6351122,

E-mail: [email protected]

A PubliCAtiOn OF GAlADAri PrintinG &PubliSHinG llC

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Khaleej Times Special Report May 22, 20144

Greece and the UAe enjoy friendlyrelations based onmutual trust andcommitment that are key words forthe success of our common goals,

especiallysincetheestablishmentoftheGreekembassy in Abu Dhabi in June 1989. Thiscontributed to the creation of a solid basis ofcooperation and signalled Greece’s vividinterest in theUAe,a relativelyyoungcountrywith remarkable achievements and greatpotential.Thehistoric tiesbetweenourpeopleand our culture lay the foundations onwhichour ever growing political and economicrelationsarebased.These relationshavebeenfurtherenhancedfollowingtheopeningof theUAe embassy in Athens in November 2008and the exchange over the last few years of anumber of high level visits,whichunderlinesthe sincere wish of both Governments tofurther strengthen and expand the scope ofcooperation between the two countries.

Very recently, on May 6, the second Jointcooperation committee betweenGreece andthe UAe took place in Athens, co-chaired bythe Deputy Prime Minister and Minister ofForeignAffairsofGreeceevangelosVenizelosandtheUAeForeignMinisterShaikhAbdullahbin Zayed Al Nahyan. This event, whichmarks his fifth visit, since 2009 to Greececonstitutes another significant milestone inour relations and gives new impetus to ourbilateral cooperation in a number of fields ofcommon interest.TheagreementsandMoUs,which were signed in Athens, with moreprominent among thembeing theAgreementon Mutual Promotion and Protection ofInvestments, inaddition to theones thathavebeen signed, underline the keen interest anddetermination of both Governments tofurtherboost their political, economic, trade,tourismandcultural relations.Moreover, theimportant investment agreements, whichwere signed in the fields of energy and realestate in the presence of the two foreignministers, signal that the UAe gives a vote ofconfidence to the Greek economy andacknowledges thegreat potential thatGreecenowadaysoffers in the Investmentfield.MorespecificallytheagreementbetweenAlMaabarand Latsis Group concerning a majordevelopment and transformation of the area

Closepartners and true friendsAmbassador of Greece tothe UAE Dionyssios Zoisshares his thoughts

of the old airport Hellinikon, a project thatexceeds€7billion,will create around50,000new jobs and is considered the biggest realestate endeavour in the whole of europe.More Investmentprojects are in thepipeline.We are working on them and we hope thatwe will be in a position to announce them inthe near future.

Greece is delighted thatDubaiwill host theexpo2020andisconfident that,givenDubai’shigh standards and ambitious vision, it willorganise the best ever expo. Greece votedfrom the first round of the electoral processin favour of the candidacy of Dubai, as itconsiders the UAe a close friend and astrategicpartner,while stronglybelieves thattheMiddleeast region ingeneral and theUAeinparticular deserve to host for thefirst timethis important international event.Given theexperience we got from the organisation oftheAthens2004OlympicGamesand thehighstandards of our companies and experts,Greece is ready to contribute to the successof this event, both as Government and asprivate sector.

HoldingthePresidencyof theeUduringthecurrent semester, Greece is determined to doeverything in its power so that all necessaryprocedures at the eU level in Brussels becompleted by the end of its eU presidencyconcerning thevisawaiver forallUAecitizenswhowish to travel to theSchengenarea.From

theoutset,Greeceplayedaprotagonist role inthis matter and has repeatedly and stronglychampioned in all eU institutions theexemptionofUAeNationals from theneed toobtain a Schengen Visa. The waiving of theSchengenVisa requirementwill undoubtedlyreflectverypositivelyonbotheuropeanUnionand Greek–UAe political, economic andtourism relations.

Given that the UAe is a very dynamic androbust economy, it is natural that trade andbusiness are in the core of our bilateralrelations.TheUAeisoneofthemostimportanttrade partners of Greece taking intoconsideration that it is its 10th largest exportmarket outside the european Union and oneof themost important in theArabWorld.Overthe last years the annual volume of bilateraltrade has shown a constant and positivegrowth. From€168.5million in 2009 reached€440 million in 2013, while there are goodprospects to further increase the volume oftrade between the two countries, especiallyinviewoftheexpo2020inDubai.Nevertheless,we believe that there is still a great potentialin thisfieldwhichshouldbe furtherexplored.Themost importantexportproductsofGreeceto theUAearepetroleumproducts, furs, foodstuff and beverages, telephones, lighting,construction materials (where steel,aluminium and marble have a prominentplace), binoculars/laser, videogames, etc.

Dionyssios Zois, Ambassador of Greece to theUAE

Greece–UAerelAtions

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Emirati andGreekpeoplesharemanycommonelementsof life suchasrespectof thesamevalues,traditional andwarmhospitality, passion forgoodandhealthy food,mutualrespectand true friendship

Morethan150Greekcompaniesofdifferentsectors are currently operating in the UAEmarket and in several free trade zones of thefederation. They mainly deal with generaltrade, foodstuff, fur coats, hotel business,information technology, building materials,furniture,andelectrical/electronicequipment.There are also a number of major Greekconstruction companies working on biginfrastructure projects in almost all sevenemirates. Furthermore, a number of Greekcompanies in the shipping sector operate intheUAE,mainly inDubaiandFujairah.Greeceis one of the world’s largest shipping nationsand shipping represents one of the mostdynamic sectors of the Greek economy.Therefore, my country has the potential andthe keen interest to provide internationallyreliable and high quality shipping services.

In the field of investments, Greece with itskey geopolitical location at the crossroads ofEurope, the Mediterranean and the MiddleEast, offers many opportunities for foreigninvestors, especially at a time that it is comingout from a severe economic crisis and it isgiving top priority to development and thefightingof thehigh ratesofunemploymentasa result of this crisis. Generous investmentincentives, fast track legal framework,structural reforms, high skilled humanresources,modernandreliable infrastructure,researchanddevelopmentsupportarecreatingin Greece an attractive investment frame,which offers opportunities in a wide varietyof fields, such as renewable energy,infrastructure projects, food industry,information technology, real estate, banking,shipping, tourism, energy and healthcare.

The tourism sector also offers challengingopportunities forbothourcountries.Tourismrepresents the heavy industry of the Greekeconomy and the Greek Government makesevery effort in order to further promote

tourism,whichlastyearreachedunrepresentedlevelsexceeding18millionsof tourists.Wearecommitted to continue working on this pathandwe are looking forward to receiving evenbigger number of tourists in the course of thisyear. Greece and its embassy in Abu Dhabiattach great importance to tourists from theUAE, both Emiratis and expatriates, and I amhappy to say that last year we witnessed asubstantial increase of tourists from thiscountry toGreece both to itsmainland and toits numerous islands. However, I feel evenhappier when I hear from visitors to mycountry that they had the best impressionsand experiences throughout their stay inGreeceandwish tovisit it againandagain.Forme these are themost effective ambassadorsas theycarry thispositivemessageacross theirfamilies, friends and compatriots.

Emirati and Greek people share manycommon elements of life such as respect ofthe same values, traditional and warmhospitality,passionforgoodandhealthyfood,mutual respect and true friendship.Furthermore,allEmiratis,fromtheLeadershipto the last citizen, acknowledge and show

ShaikhAbdullah bin ZayedAl Nahyan, UAEForeignMinister, signing an agreementwith EvangelosVenizelo, GreeceDeputy PrimeMinister and ForeignMinister, in the capital Athens. TheUAE is investing €7 billion inGreece over the next fewyears. —Wam

great respect for the rich history and cultureofGreece and the everlasting teachings of theancientGreekPhilosophers.Iamreallypleasedto hear that while being there they pay visitsto the Greek museums and our famousarchaeological sites.

Greece having one of the most ancientcivilisations in the world, well known in theMiddle East, and an active role in themoderncultural scene wishes to develop strongcultural tieswith this country, especiallynowthat the UAE in general and Abu Dhabi inparticularhaveavisiontobecometheculturalcenter of the wider Middle East region bycreating impressivemuseumsontheSaadiyatIsland, but also by promoting culturalawareness and education in fields such aspoetry, literature, music, fine arts, etc.

In theUAE,around3,500Greekcitizens liveand work mostly in Abu Dhabi and Dubai,while a significant number of Greeks live alsoin Fujairah where Greek shipping companiesareestablishedforover25years.Themembersof the Greek community are actively presentin awide range of professional activities suchasbusiness, construction,hotels,universities,technology,healthcare, banking, commercialairlines, etc. The current number of Greekcitizensandcompanies in theUAEisexpectedtogrow in thecomingyears asmoreandmoreGreek businessmen and professionals,especially of a young age, show an increasinginterest for the Emirati market.

I would like to stress that a priority forGreece and forme personally is to bring evencloser not only government officials but alsothe business community and the citizens ofthe two countries, as through direct andcontinuouscontactsatall levelsandsegmentsofbothsocietieswecanachievebettermutualunderstanding andmore effective expansionof the potential of cooperation between thetwo countries and their people.

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Michail Vrettakis

Greece is fast casting the pallclouds of financial crisis behindand looking to turn the wheelsof its economy by correcting its

states finances, liberalising its policies andadopting reforms in a consistent way. Aftersuffering an economic crisis in the last fewyears, Greece is opening up to the world,and along the way forging new partnershipsand strengthening existing bilateral foreignrelations.

There are a lot of business opportunities indifferent sectors in the UAE arising not onlyfor the domestic demand but also for thestrategic position of the UAE and the relatedservices provided for companies wishing toextend its activities in the Arab and neigh-bouring countries. In addition, the organisa-tion of the expo2020 in Dubai shall providemore opportunities for investments mainlyin tourism and in real estate.

The volume of the trade between the UAEand Greece was €440 million in 2013 and forthis year I expect it to increase significantly.The most important export items of Greeceto the UAE are petroleum products, furs,foodstuff and beverages, telephones, light-ing, construction materials (where steel,aluminium and marble have a prominentplace), binoculars/laser, videogames, etc. Onthe other hand, UAE exports to Greecemain-ly comprisemineral oils, types of aluminiumand ceramic products. I have to underline,also, the increasing number or Greek busi-nessmen who are coming in all emirates andin particular to Dubai, Abu Dhabi, Fujairahand Sharjah in order to create entrepreneur-ial partnerships with locals. Moreover, theUAE businessmen and investment fundshave intensified their visits to Greece withthe purpose to explore trade and invest-ment opportunities. In the framework of therecent second Joint Cooperation Commit-tee between Greece and the UAE in Athens,many UAE companies and investment fundshad substantial talks with Greek partners.

Greek companies, either through nationalpavilions or individually, are present in allthe major international trade fairs in theUAE, such as Big5, Gulfood, Index, ArabianTravel Market, clean Energy, Hotel Show, Air

Show, health tourism, beauty world middleEast, sweets and Snacks Middle East, woodshow, Dubai Derma etc. Additionally, morethan 150 companies are present in the coun-try dealing mainly with shipping, construc-tions, aluminium, trade, furs and services.

The number of business visitors and tour-ism from Greece is increasing constantly,since there are direct flights with Athensfrom Emirates and Etihad airlines. Plus, theGreek air company Aegean is about to startdirect flights to Abu Dhabi. It is worthwhileto mention as well, that many other avia-tion companies connect daily Dubai and AbuDhabi with Athens, via one stop.

Greece offers excellent quality productsthat are largely not available in the country.We have more than 100 DOP (DenominationOriginal Protected) products in the EuropeanUnion. Few of them such as FETA cheese,olive oils, fish products, honey etc., are im-ported. Yoghurt and Greek salad are alsosome of the most food choices to the UAE.Also, several restaurants in UAE are servingGreek cuisine.

Besides food and agricultural products,Greek marbles, solar panels and aluminumproducts are particularly popular in the UAEfor public and private buildings. Greek mar-bles were used for the construction of theworship edifice of Sheikh Zayed Mosque inAbu Dhabi. Also, collective solar power in-stallations in the tallest building of theworldthe Burj Khalifa and in many other buildings

in the UAE are of Greek technology.Greece, at the crossroads of Europe, Black

Sea,Middle East, EasternMediterranean andNorthern Africa consists a significant hubfor those companies wishing to extent theiractivities in these areas. Also, many interna-tional fairs, targeting the above markets, aretaking place every year in Greece in the fieldsof jewellery, energy and environment, con-struction, aluminum and agriculture.

Besides, the Greek Government estab-lished, since 2011, the Hellenic RepublicAsset Development Fund (HRADF) with theresponsibility to implement the privatisa-tion programme of the government, whichaims to attract significant internationalcapital flows into bundled infrastructureelements. Such projects include ports, air-ports, water supply, highways, railroad, en-ergy, real estate, tourism and other fields.Greece has certain advantages that willimprove returns over benchmarks on infra-structure and land development projects. Itis a significant tourist destination, a majortransportation and energy crossroad be-tween East and theWest and a natural entryto South East and Central Europe for worldtrade flowing from the East.

Michail Vrettakis is the First Counsellor forEconomic and Commercial Affairs, Embassyof Greece in the UAE and head of the HellenicTrade Center — Dubai

Greece is opening up to theworld, and along the wayforging new partnershipsand strengthening existingbilateral foreign relations

Blooming trade relations

Michail Vrettakis, First Counsellor for Economic and Commercial Affairs

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Greece has always been an attrac-tive destination to internationaltourists and visitors with its manyattractions ranging from the coun-

try’s historic and architectural monumentsto its Mediterranean coastlines. Athens, be-lieved to be the birthplace of Western civili-sation, has weaved its ancient roots acrossthe city’s landscape, creating breathtakingviews against the backdrop of modern city-life. From the Acropolis’ fortified town andthe impressive ancient ruins of the Templeof Olympian Zeus to the National Gardenof Athens, the city has something for everytraveller.

Providing a direct connection fromBahrainto the heart of Europe’s historical capital thissummer, Gulf Air offers four convenientlyscheduled weekly flights to travellers visitingGreece’s largest city.

Renowned for its antiquity and influence,Athens offers awide selection of small art gal-leries and museums alongside major institu-tions like theNational ArcheologicalMuseumand the National Art Gallery on Michalako-poulou Street. During the five-year economicdownturn,Athensspawnedanewformofcre-ative energy and artistic expression throughgraffiti and street art that has transformed thecity into a contemporary canvas.

No trip to Athens would be complete

without tasting the local cuisine, famousfor its souvlaki, grilled vegetables andmeats topped with yoghurt-based § sauce.For a taste of a traditional and lively Ath-ens, a visit to Plaka and Monastiraki offersbars and cafes in these classic Athenianneighbourhoods.

Once you have indulged in all that the cityhas to offer let Gulf Air take care of your jour-neyhome. FromJune 16, Gulf Airwill providefour weekly direct flights between Bahrainand Athens — and there has never been a bet-terwaytotravel.Withyourcomfortandneedsin mind Gulf Air has over the past three yearsengaged in a comprehensive re-fleeting and

product enhancement strategy. Today the air-line’s fleet is one of the youngest in the regionwith an average age of 5.7 years. Additionally,the airline has fully renovated its Falcon Goldlounge at Bahrain International Airport to of-fer a wide range of facilities and amenities forpassengers to relax or conduct their business.The airline takes pride in its pioneering andaward-winning onboard Sky Nanny and SkyChef services, making travel with childreneasier and ensuring fine dining in the sky.

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

Formore information, visit www.gulfair.com

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

Confluenceof style and comfort

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The main shipping activity of Fujairahport is bunkering, as it is conve-niently located at the entrance of thestraits of Hormuz and is an ideal bun-

kering location for vessels entering or leavingthe Arabian Gulf. AEGEAN established opera-tions there in 2000 and since then has main-tained a leading role.

“Supplies are conducted by our major ap-proved double-hull barges 24 hours/sevendays aweek.We supply all grades ofHigh Sul-phurFuelOil andMarineGasoil DMAmeetinglatest ISO specifications,” said George Mous-takas, Station Manager, Aegean (Fujairah)Bunkering SA.

Thedeliveries take place at theFujairah an-chorage and in port, Khor Fakkan anchorageand in port and Kalba anchorage. No agencyattendance is required for bunker-only calls,however, in the last few years AEGEAN hasstarted to provide agency service to clients.

Apart from these services, it alsomaintains(floating) storage facilities in the area andwill

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

Aegean Marine Petroleum Network Inc. isan international marine fuel logistics compa-ny that markets and supplies refined marinefuel and lubricants to ships in port and at sea.The company procures product from varioussources such as refineries, oil producers andtraders and resells it to a diverse group of cus-tomers across all major commercial shippingsectors and leading cruise lines using its fullyowned bunkering tankers.

GeorgeMoustakas, Station Manager

Global footstepsExpanding globally, Aegean (Fujairah) Bunkering SA isstrategically located on international trade routes

Currently, AEGEAN has presence in 22markets, including the US East Cost, Van-couver, Montreal, Mexico, Jamaica, Trinidadand Tobago, Gibraltar, UK, Northern Europe,Piraeus, Patras, theUAE, Singapore,Morocco,the Antwerp-Rotterdam-Amsterdam (ARA)region, Las Palmas, Tenerife, Panama, HongKong, Barcelona and Algeciras, Spain. Thecompany has also entered into a strategic alli-ance to extend its global reach to China.

“Since our establishment in 2000, we havestrengthened our position in the market andhave become one of themain players. We areextremely satisfied that Fujairah has becomeone of the most important places for bunker-ing in the world and we believe that Aegean’scontribution towards this direction is remark-able,” concludesMoustakas.

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Today, Greece is emerging as a gamechanger, where deep fiscal adjust-ment efforts have reversed a negativestory and created a positive narrative.

Sweeping reform has created a climatethat embraces business, investment, andnew international partnerships. Companiesfrom around the world are establishing apresence in Greece, riding the wave of busi-ness opportunity.

One of the most important regions in theworld that recognises the significant ad-vantages of Greece today is the Middle East.Trade and investment ties have strengthenedconsiderably during recent years, as the Arabbusiness community develops interest in nu-

merous investment projects, begins a robusttrade partnership with Greek firms, and gainsa deep knowledge of the Greek landscape,one that includes residential and resort op-portunities, constructionandenergyprojects,ICTpotential, andahost ofdiverse sectors, in-cluding a vibrant tourismmarket.

Our outward-looking approach is trans-forming the Port of Piraeus into the next lo-gistics hub of Europe. Home to the Mediter-ranean diet, our food and beverage industryis ramping up innovative production to meetglobal demand. As a new energy hub fortransport, RES production, and hydrocar-bon exploration, the next two decades willbe transformative. Our shift to a knowledge-based economy is highlighting the intellec-tual firepower of ourworkforce. And as one ofthe world's iconic tourism destinations, un-matched opportunities from port and marina

Mediterraneanbusinesshub

Stephanos Issaias, CEO, Enterprise Greece

Greece is an investment destinationwhose timehas come

EnterpriseGreece3Mitropoleos Str. 105 57AthensGREECET: +30 210 3355700F: +30 210 3242079E: [email protected]:www.enterprisegreece.gov.gr

development to integrated resorts are on theradar screens ofmarket leaders.

Greece offers a well-developed infra-structure, experienced management, highlycompetitive costs, superb natural resources,abundant human capital, stunning beauty,geostrategic location, and attractive invest-ment incentives, all in a Eurozone economy.

The pent up potential of Greece is beingunleashed. Now is the time to put Greece onyour destinationmap.

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Established and operating inGreece since 1972, TERNA SAhas been actively involved in the

implementation of a broad spectrum ofpublic and private projects of considerablebudget and complexity.

Themain areas of the company constructionexpertise are:Infrastructure: Railway, light rail and metro,highway road-works tunnels and bridges.

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

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

waste to energy projects, and oil and gasinstallations. The company has expandedits operations overseas in Eastern Europe,Balkans, North Africa and has establishedbranches and operates in the Gulf region,namely the UAE, Qatar, Saudi Arabia,Bahrain, and Iraq.

Majorprojectsexecutedandunderconstructionby thecompany in the regioninclude:

Khalifa Park Rotana Hotel in Abu Dhabi•Doha Express Way D-Ring Road•interchange in QatarRifaa 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 QatarDamam Jubeil Double Railway in Saudi•ArabiaA 100-bed hospital at Safwan, Iraq•

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

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Sadiq Shaban

Salfo and Associates is a Greek engi-neering company, covering a spec-trum of activities like design, projectand construction management for the

infrastructure sector, which includes high-ways, roads, bridges, metro train, ports andairports. The firm has also ventured into ar-chitectural and structural plans for hospitals,hotels, villas etc.

Established in 1994, Salfo recently expand-ed its activities to include the oil and gas busi-ness. With experience of over two decades,the engineering and management consul-tants, with offices in Athens Greece, set up itsfirst office in the GCC in 2006 in Abu Dhabi.It has been on a network-widening spree eversince. A year later Salfo established an office

in Qatar. In 2012, its office featured in SaudiArabia and a few weeks ago a branch officewas set up in Oman.

“With extensive experience in infrastruc-ture projects in Greece, we decided to in-crease our footprint.Middle Eastwas the bestmarket for us. As Greeks, we are more famil-iarwith the Arab culture.We can leverage ourcontacts here. Our first big project was the AlReem islands as a sub-consultant in AbuDha-biwhen itwas just a landmass.Nowwehaveanumber of projects under our belt. Currently,we are working for the Department of Trans-port in Abu Dhabi for design and supervisionof several infrastructure projects,” said Ioan-nis Foteinos, CEO, Salfo and Associates.

The company’s other major operations inthe Middle East include New Doha Interna-tional Airport and a highway project. Apartfromproviding technical support to the SaudiRailway Company, Salfo is doing design re-view for north and south access of the train inthe country. “We are the designers for several

building solid foundationsBringing the best of Greek engineering to the Middle East, Salfoand Associates are stakeholders in the region’s development

Ioannis Foteinos, CEO, Salfo and Associates

projects undertakenbySaudi Industrial Prop-erty Authority (MODON),” Foteinos added.

With a passion to build a culture of excel-lence, the firm has been working on numer-ous projects of repute both on a stand-alonebasis and in partnership with other big com-panies.

Salfo’s CEO is optimistic about the firm’sgrowth in the region. “Our strategy is to offerthe highest quality of services. We strive tobe competitive and offer the very best of ourexpertise. As a firm that understands the cul-ture and work ethos of the Gulf, we hope tocontribute further in the coming years. Salfovalues professionalism, places huge empha-sis on respect for clients and offers the bestprofessional services,” Foteinos concluded.

—[email protected]

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As an emerging regional energy hubGreece is capitalising on its geo-graphical position, upgrading itsenergy infrastructure, and emerging

as an upcoming regional energy hub that cancontribute to the European energy security,an issue brought to the fore once again by thecurrent crisis in Ukraine.

The Shah Deniz II Consortium’s June 2013decision in favour of the construction of theTrans Adriatic Pipeline (TAP), which willcarry Azeri natural gas to Italy and CentralEurope, via Greece, Albania and the AdriaticSea, is a major turning point on Greece’s pathto become a regional energy hub.

The choice of TAP as a conduit for carry-

ing Caspian natural gas to European marketssignificantly upgraded Greece’s status on theenergy map. It was a vote of confidence in arecovering Greek economy, contributing tothe improvement of the economic climate.

With an annual capacity of 10 bcm initiallyand 20 bcm during the second stage of devel-opment, the TAP represents a foreign direct

Revivingbusiness confidenceBolstered by the Trans AdriaticPipeline project, Greece iskeen to turn the wheels ofits economy and become aregional energy hub

»Continued on next page

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Fairdeal established the first indepen-dent oil spill response facility withinthe AG region in 1985. Its responsecapability in the UAE has continued

to grow and the company has been able tooffer on the spot assistance for over a quarterof a century. The facility has expanded overthe years with a regularly updated oil spillresponse inventory. This includes a dedi-cated fleet of oil spill response vessels, por-table spill response equipment, and hands-on training drills — collectively serving as aguarantee of the company’s dedication tothe care of the environment.

Fairdeal’s OSRC is constantly on standbyand a rapid response and deployment of itsspecialised equipment and skilled operatorsis fundamental to a successful containmentand recovery in the event of a spill.

In addition to its impressive stock of spe-cialised equipment, Fairdeal is able to offer acomprehensivepackageof spill response ser-vices, including recovery, storage, in-house

STS operation and shoreline protection.Commensurate with spill response, the

company’s founder Captain Michael Sarrosforesaw the need to provide facilities fortankers proceeding into the Gulf to responsi-bly discharge oil residues as a means of safe-

Anameof trustFor almost three decades, Fairdeal has been at theforefront of safeguarding the marine environment

Abdalla El Suleiman,Manager, OSRC

guarding the environment. This led to theintroduction in 1985 of an offshore receptionand management facility for ship-generatedoily wastes for vessels on passage. Uniquely,this enabled responsible ship owners to safe-ly offload otherwise problematic tank wash-ings in an environmentally soundmanner.

The company over the years is committedto continuously improving technology, en-hancing reception and treatment facilities inorder to provide owners and operators witha dedicated service.

Fairdeal participates and encourages na-tional cleanup campaigns and supports ev-ery initiative in this respect caring for theregion’s coastal waters.

Port authorities, governmental, regionaland international organisations throughoutthe area have acknowledged the company’sefforts for continuing contribution to safe-guarding the marine environment.

investment of €1.5 billion. As a part of the Eu-ropean strategy for creating a southernnaturalgas corridor, itwill strengthenGreekandEuro-peanenergy security. In addition topromotingregional synergy between Greece, Italy, Alba-nia, Turkey and Azerbaijan, other countries inthe region toowouldbenefit fromtheTAP, as acooperation platform, as they are linked to theproject in the future via the planned branchpipeline, IAP (Ionian Adriatic), to Croatia,Montenegro and Bosnia-Herzegovina.

Another major energy infrastructure proj-ect set to begin construction early in 2015 isthe Interconnector Greece-Bulgaria (IGB), areverse-flowpipeline thatwill supplyBulgariaand Central European countries with naturalgas from the TAP andGreek LNG imports. IGBwill be fully operational in 2016 with a capac-ity potential of 5 bcm annually.

Greek-owned tankers are already carryingnatural gas to Greece’s state-of-the-art lique-fied natural gas terminal at Revithoussa, asmall island near Athens. Since its inaugura-tion in 2000, it has received more than 400LNG ships. Revithoussa has significant strate-

gic advantages, locatedonly 650nmi from theSuez Canal, through which Qatari natural gasis transported to Europe. The current upgrad-ing of the Revithoussa facilities and of LNGstorage facilities in Northern Greece is aimedat making Greece a major European gatewayfor LNG and a vital supply link in Europe’sCentral Corridor, which will give the countryanother key role in the diversification of en-ergy supplies for the Balkans and Central andEastern Europe.

A furtherdevelopmentwith thepotential to

alter the regional energy landscape decisively— following the recent discoveries of large off-shore hydrocarbondeposits inCyprus— is theGreek government’s intention to move aheadwithexploration forandexploitationof itsoff-shore mineral wealth. Concessions for threeareas have already been granted. Norway’sPGS has carried out the initial seismic surveysin themaritime regions ofwesternGreece andsouthern Crete, and the Greek governmenthas now made the resulting “Greece Mega-Project” database available for purchase byprospective investors before it moves aheadwith the next round of licensing for explora-tion and exploitation of offshore fields. TheGreek government is optimistic, and Environ-ment, Energy and Climate Change MinisterManiatis stated in January that “it arises fromthe initial evaluation of the data that there areinteresting geological structures that exhibitsignificant similarities with correspondingstructures in neighbouring countries that arealready producing hydrocarbons.”

All of these developments — constructionof the TAP and IGB, operation and upgrad-ing of Revithoussa, efforts to confirm andexploit Greek hydrocarbon deposits — indi-cate that energy may well have a key roleto play in Greece’s recovery, as the countryemerges as a regional energy hub whilemaking an important contribution to Euro-pean energy security.

»Continued fromprevious page

Reviving businessconfidence

Withanannual capacityof10bcminitiallyand20bcmduring thesecondstageofdevelopment, theTAPrepresentsa foreigndirectinvestmentof€1.5billion.Asapartof theEuropeanstrategy for creatingasouthernnaturalgascorridor,itwill strengthenGreekandEuropeanenergysecurity.

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