Proposed bilateral business and trade agreements with an initial value of two billion euros were the first results of talks on the sidelines of a closely watched Saudi Arabia-Greece business forum this week in Riyadh.
A Greek delegation, led by Development and Investments Minister Adonis Georgiadis, was comprised of 43 representatives of Greece-based companies.
The highlight was an agreement, in principle, between Hellenic Petroleum (Hel.Pe) and global energy giant Aramco for the supply of greater crude oil imports by the Saudi producer for the ATHEX-listed petrochemical concern – ostensibly to off-set any reduction in the import of Russian crude oil.
Additionally, renewable energy company ACWA Power announced its entry into the Greek market.
Another highlight was the creation of a joint investment fund, with an initial capital of 500 million euros, and with a focus on financing projects in Greece.
Additionally, the prospect of a broadband cable linking Greece with the large and significant Mideast country were discussed, a project billed at one billion euros.
According to reports from the forum, some 300 B2B meetings were recorded, with most preliminary deals coming in the foodstuffs, tourism, construction and hi-tech sectors.
Latest News
Greece Acts to Protect Consumers amid Soaring Electricity Prices
Skylakakis outlined the government's initiatives but withheld specifics regarding the emergency tax and bill subsidies, which are slated for finalization by late July.
Cruise Industry Opposes New EU Plan for Piraeus Port
According to the Plan, cruise ship passengers will be transported by shuttle boats from Piraeus port to the Peace and Friendship Stadium (SEF), so that they can then travel to Athens
Greek State to Reopen 3.875% Bond on Wed.
Bond of 3.875% is set to mature on March 12, 2029
Critical Week for Greece-Cyprus Cable
The study concluded that the social benefits of the interconnection, totaling 8 billion euros, far outweigh its 1.9 billion euros construction cost, resulting in a net social benefit exceeding 6 billion euros.
Roberta Metsola Re-elected President of European Parliament
Her second term will be for a period of two and a half years
ELSTAT: 1.5% Increase in Business Turnover in May 2024
The most significant increase in turnover in May 2024 compared with May 2023 was recorded from the enterprises of the Accommodation and Food Service Activities, sector which grew by 14.8%.
Cosco: Container Traffic Decline at Piraeus Port Continues
This strategic shift has diminished Piraeus's standing as a prominent Mediterranean port and a key transshipment hub post-Suez Canal.
Gov’t Eyes Return of Power Subsidies Amid Spike in Rates
According to reports, the government will resume an electricity subsidization program, given that forecasts cite disruptions – i.e. higher rates
ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock
The 6.3% rise in May 2024 is largely driven by an 8.8% increase in the crop output group, particularly due to changes in olive oil prices, and a 0.5% increase in the animal output group.
Balkans Blackout Highlights Climate Threats to Power Grids
The surge in electricity demand during the heat wave and the power deficit in Balkan markets have driven up prices in the Greek wholesale electricity market.