No major energy developments expected during Putin’s visit

Developments concerning the energy sector during Russian president Vladimir Putin’s two-day official visit to Greece tomorrow and Saturday will be limited to the signing of memorandums of cooperation on low-priority matters, according to energypress sources.

ELPE (Hellenic Petroleum) and Russian petroleum group Rosneft are expected to sign a memorandum of cooopertion. So, too, is CRES, the Center for Renewable Energy Sources and Saving, locally acronymed KAPE, with its Russian counterpart.

As part of ELPE’s new framework of cooperation with Rosneft, the Greek refinery will be supplied crude by the Russian petroleum company. It will be refined, primarily as diesel, and supplied to the Russian firm as partial or full payment for the crude to be supplied.

ELPE signed a similar deal with NIOC, the state-run National Iranian Oil Company. Part of an outstanding amount owed by ELPE to the Iranian company is being settled through the supply of refined petroleum products.

The collaborative effort between CRES and its Russian equivalent will entail the exchange of knowhow on renewable energy source (RES) and energy efficiency issues.

All other matters on the energy front, including natural gas pipeline proposals for the region, will remain quiet during Putin’s visit.