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Issue No 4 November - December 2014

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UKRAINE CRISIS & GAS ALERT IN EUROPE

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Publisher Apostolos Komnos

Publishing Assistant Dragos Zaharia

Deputy Editor Emilia Damian

Edition Advisor George Pavlopoulos

Editors Emilia Damian Ada Gavrilescu Penelope Mitroulia Nikolay Jekov Stevan Veljovic Vladimir Spasic Kostas Voutsadakis Ian Becker Yiannis PispirigosContributors Kostadin Sirleshtov Djordje Popovic Marija Marosan Jennifer Grubac Pavlin Stoyanoff Yiannis Kelemenis Anastasia Pelka Loredana Mihailescu Varinia Radu Marko Lacaita Solon Kassinis Antonis Paschalides Vasiliki Neophytou

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01PreParing for the worst-case scenario…

editorialBy the publisher

Many fear that Europe is going to suffer one of its worst energy crises in the forthcoming winter months. The situation in Ukraine remains critical, as the country is in fact divided, as pro-Russian separatists control large parts of the eastern regions of the country. The “heat” of the big geopolitical game between the West and Russia can be felt everywhere. Since June, Gazprom has halted the flow of gas for the needs of Ukraine, demanding the payment of older debts and the prepayment of new deliveries, based on a much higher price than in the past. Moreover, Kremlin threatens to reduce the amounts of gas it delivers to Europe via Ukraine in case Kiev decided to “steal” some of it to cover its own needs.

In the end of October and through EU mediation, there was a glimmering hope of compromise, as the two sides reached an interim midterm deal, in an effort to avoid the worst-case scenario. But the deal did not address all the questions and problems, forcing many political and energy analysts to suggest that it is doomed to fail, even if it is formally signed.

In any case, it is obvious that Brussels has no reason at all to seek an energy war with Russia, especially as the European economies are showing signs of a new downturn – the third one since 2008. But at the same time, it is drawing emergency plans to address the potential big threat. All the members

of the Union have been subjected to “energy stress tests” should a long conflict with Russia occur, which will result to serious disruptions in the flow of Russian gas in Europe.

The results have shown that the 28 countries are not all in the same position to deal with the possible problems – and there is no doubt that the countries of SE Europe have many disadvantages. This is why, in the 4th issue of the EnergyWorld magazine, we have tried to provide you with a comprehensive picture of the region, regarding the (undesirable) scenario of an energy war with Russia.

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02Questions and answers about the “gas alert” in europeis the gas alert in europe justified and to what extent? how dangerous is the situation, especially for the countries in se europe, which are the most vulnerable? is it possible to reach a compromise in time, before winter shows its teeth? here are 7 questions and answers, based on real facts, which might help everyone evaluate the problem and the existing options.

oil & gasGeorge Pavlopoulos

In many European countries, especially in SE Europe, government officials and the media are talking about the risk of freezing next winter, because of the forthcoming “energy war” between the EU and Russia, due to Ukraine. In Brussels, the European Commission is already drawing emergency plans for this case, sending the… bills to the capitals, the industry and the households.

Is the gas alert in Europe justified and to what extent? How dangerous is the current situation? Is it possible to reach a compromise in time, before winter shows its teeth? Here are 7 questions and answers based on real facts that might help everyone evaluate the problem and the existing options.

1. is a new gas crisis underway in europe? As a result of the dispute between Russia and Ukraine, Gazprom has halted, since June, gas deliveries to Ukraine. As to the EU countries, however, Gazprom CEO Alexey Miller assures they are receiving gas supplies entirely in line with contractual obligations and Gazprom has no intention to disrupt the flow of gas to

them – even though Europe has since then opened up limited reverse flows of Russian gas to Ukraine. So, indirectly, Miller blames Kiev for the problems that might occur in the European gas market during the winter – as Gazprom did during the gas crises of 2006 and 2009.

2. is europe or russia seeking a «gas war»? No way. Note that Russia depends on oil and gas exports for half of budget revenues, which means that the Kremlin cannot afford any reduction, especially as the Western economic sanctions against Russia already “bite”. On the other hand, Russian gas represents 35% of the total gas imports into the EU, based mostly on long-term contracts, which means that European households and companies are heavily dependent on Russia in terms of gas and this cannot change easily and without cost.

3. Can the energy dispute between ukraine and russia be solved? First of all, everyone should be aware that the current crisis is mainly a geopolitical one. In other words, no viable solution

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can be found if the future status of Ukraine and its relations with Europe and Russia are not addressed. As long as the war in the eastern regions of Ukraine continues, as long as the war games between Russia and the West persist, as long as the separatists and the government forces trade bombs and threats, the possibility of a compromise is getting more distant. And any deal will be short-lived and could be blown apart any second.

4. which are the most vulnerable countries in europe in case of an energy crisis? According to official facts and figures (see map), the three Baltic countries (Estonia, Latvia, Lithuania), the Scandinavian Sweden and Finland, and Bulgaria in Southeastern Europe are 100% dependent on Russian gas. So, in case of a new crisis, they are the most vulnerable ones. Next in the list come the Czech Republic, Slovakia, Hungary and Poland. Germany, Austria and Belgium are also heavily dependent on Russia, but northern countries have already secured an alternative supply route

through the Nord Stream, the pipeline that bypasses Ukraine. As for Greece, it is in a good position to play the “card” of LNG.

5. what are the main positions of russia, ukraine and the eu? Gazprom (in fact the Kremlin…) demands from Naftogaz (in fact from Kiev…) to pay a debt of about $5.3 bn, and to prepay the amount that it is planning to buy from Russia in 2015. Naftogaz, from its side, disagrees, arguing that Gazprom is charging the gas much more than for its European customers. The fact is that Gazprom has set – temporarily, as it says – the price for Ukraine at $385 per 1,000 cubic meters of gas, which is almost equal to the mean price for Europe during 2013-’14. But experts estimate that the gas price for Europe might be lowered to $320 during the next years. Brussels and Kiev have elaborated a joint position providing that gas prices for Ukraine should be at the level of $320 per 1,000 cubic meters during the summer season until mid-October and $385 per 1,000 cubic meters during the

russia, ukraine and the eu are trying to find a midterm solution, as the geopolitical rift is too big to be closed easily. but the negotiations are difficult and the interim deal signed in the end of october may prove empty...

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heating season. Ukraine however, earlier rejected a seasonal scheme proposed by Gazprom.

6. where do we stand in the negotiations? Gazprom halted gas supplies to Ukraine in June over its unpaid debt and filed a $4.5 billion suit to the Stockholm arbitration court. Later on, Kiev reciprocated by sending a suit to the court against Gazprom for making Ukraine overpay $6 billion for gas since 2010, setting excessively high prices in its contract. Experts estimate that the hearings could take 12-15 months, which of course is a very long period and does not solve the problems that are posed immediately. The EU has tried to mediate in the dispute, through the (outgoing) Energy Commissioner, Guenther Oettinger. Under the tentative deal, Ukraine would pay immediately $3.1 billion to Gazprom. But the two sides disagree on what this amount should represent: The Russians insist that it relates to old debts, while the Ukrainians say that it is a prepayment for the gas Ukraine is going to receive, in case there is a deal.

7. are russia and the eu trying to find alternative markets and suppliers?

Yes, but this will take long and any new deals might not be economically attractive. Gazprom is already trying to enter the Chinese market and Vladimir Putin has recently signed a big deal with his counterpart, Xi Jinping, for a period of 30 years, which includes the construction of a new pipeline connecting the two countries. But the price has yet to be set and the experts insist that Russia has been “forced” to make big discounts. At the same time, Europe draws up plans which are focused on LNG (Liquefied Natural Gas) and is looking for alternative suppliers from central Asia (Kazakhstan, Turkmenistan, etc.), as well as from the other side of the Atlantic. But there is no doubt that Russian gas remains the best and cheaper option for Europe. At the same time, Naftogaz and Kiev leak that they will need much less gas from Gazprom during the next winter, due to the reverse flows from neighboring European countries.

there is no doubt that russian gas remains the best and cheaper option for europe. at the same time, naftogaz and Kiev leak that they will need much less gas from gazprom during the next winter, due to the reverse flows from neighboring european countries.

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03Bulgaria and the threat of a gas shortage

oil & gasNikolay Jekov

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Bulgaria is totally unprepared for a possible halt in russian gas deliveries. the Ministry of economy and energy estimates that the gas in the Chiren storage facility, together with the local gas production, could meet domestic demand for up to two months, depending on the weather. But Bulgaria could, at least in part, shrug off the problem of substituting russian gas if it is willing to pay the price. furthermore, there’s no need for new infrastructure, new terminals for liquefied gas, new interconnectors or other “exotic” ideas. the “key” is greece…

Without doubt, if Russia suspends gas deliveries to Europe via Ukraine, the most affected country will be Bulgaria. It does not only get more than 90% of its gas supplies from Russia, but unlike Slovakia, which is equally dependent on Russian gas, Bulgaria does not have alternative supply options. Gas is not a major component of the energy balance of the country (it represents only 12% of the final energy consumption), but the fact that several central heating plants in the big cities might have to shut down during the winter makes Bulgarians nervous.

Traditionally, Bulgaria is a country that panics a lot but does not do much. The looming crisis with the suspension of Russian gas deliveries first came into the spotlight with the first gas war between Russia and Ukraine in 2006. Supplies, then, were just severely reduced. During the second gas war, in 2009, Bulgaria was completely cut-off. As a result the country suffered €233 million of losses. Still, after all these years little has changed. Only one new interconnector was built - with Romania which can deliver very limited quantities of gas -, instead of the planned four

interconnectors (with Serbia, Greece and Turkey). Bulgaria has not tried to enter the LNG market and has not expanded its gas storages. If this is not enough to describe the dark picture of Bulgaria’s unpreparedness, in the last few years local gas production is steadily declining. At the beginning of October Deputy Economy Minister Anton Pavlov grimly acknowledged that in the coming 3 to 5 years there will be no alternative to Russian gas.

Furthermore, EU preparations to take extraordinary measures in case of gas supply disruption, to which Bulgaria might depend on, proceed quite sluggishly. It took a week in August for EU countries to agree on the language of Brussels’ response to Russian president Vladimir Putin’s letter which threatened to suspend gas supplies to Ukraine; and the wording of the letter was quite petty and timid. The Greek proposal to create an EU emergency mechanism that would support EU Member States if Russia were to cut off gas supplies went almost unnoticed.

The only source of comfort is that

Moscow most probably would not risk compromising gas supplies, given that its relations with almost the whole world have already suffered immensely because of the annexation of Crimea. This, of course, is not guaranteed, as the continued escalation of violence in Ukraine shows.

two summer months The Bulgarian Ministry of Economy and Energy estimated that currently the gas in the Chiren storage facility, together with the local gas production, could meet domestic demand for up to two months, depending on the weather.

Weather is a crucial factor, because one-third of Bulgaria’s total gas consumption is linked to Central Heating – Sofia. Together with the other central heating companies, they provide warmth to 16% of the Bulgarian population. The companies could, as an exception, resort to fuel oil, but black clouds in the sky of Sofia and the other big cities will not be a pretty picture for sure.

Until recently Bulgaria did not have any alternative gas supply options. The

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country imported some really small quantities of gas from Greece during the 2009 gas crisis, from Gazprom Export, but at unreasonably high prices.

southern assistance The situation changed several months ago and now Bulgaria could, at least in part, shrug off the problem of substituting Russian gas, if it is ready to pay the price. Furthermore, there is no need for new infrastructure, new terminals for liquefied gas, new interconnectors or other “exotic” ideas.

Antonios Natsikas, Chairman of the Board of Directors of DEFSA, the Greek gas transit company, explained for the Bulgarian newspaper Capital, a few months ago, that there are no technical impediments for supplying Bulgaria. After the modernization of the compressor stations in Petrich (Bulgaria) and Sidirokastro (Greece), DEFSA could start delivering gas to Bulgaria within one hour upon request. A bypass, or a parallel pipeline, has already been built, bypassing the transit highway pipeline reserved by Gazprom. Gazprom’s reserved capacities were the main impediment for the reverse flow of gas. Thus, now Bulgaria does not need a full suspension of the Russian transit to use the existing route from Greece to import gas.

There are free gas capacities in Greece for this for quite some time. The Greek liquefied gas regasification terminal in Revithoussa has an annual capacity of 5 bcm, only 20% of which are currently

used. Thus Bulgaria could always use that route. However, if Russia cuts off deliveries, Greece will have to increase the use of its LNG terminal. Currently Greek consumption amounts to approximately 3.6 billion m3 annually, 60% covered by Gazprom, 20% by liquefied gas from Algeria and 20% with Azeri gas, provided by Turkey’s Botas. In effect, even if Greece has to rely completely on liquefied gas, there will still be some quantities that would be free for export. The only limitation seems to be the capacity of the gas grid in Southern Greece which could hardly take over the deliveries for all of Greece and Bulgaria.

Naturally, the problem can be boiled down to the price. The liquefied gas Greece gets from North Africa is more expensive by around 5% than the gas coming in Bulgaria under its long-term contract with Gazprom. The transit to Bulgaria would make LNG even more expensive. Besides, the quantities under the DEPA contract with Algeria’s Sonatrach are limited and will not be enough, even for Greece, in the event of a crisis. This means Bulgaria would have to buy gas from the spot market which is even more expensive.

In the heat of the 2009-2011 economic crisis, there were many prepaid tankers with liquefied gas redirected from Asia to Europe. The prices on the spot market fell and were much lower than those under the long-term contracts. The situation is rather different now. According to ICIS Consulting, the price

Bulgaria will not suffer too much from a possible gas supply disruption, if it begins preparations on time, i.e. immediately. it is not cheap, but no insurance is cheap – and if the catastrophe is avoided, it might seem as a waste of money. But losses will be significantly higher if the country finds itself obliged to curtail industrial production due to a shortage of gas.

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of gas on the Mediterranean spot market is €382/thousand m3 (supplies for January 2015). When the costs for regasification and transport are added, gas becomes 30% more expensive than Gazprom’s. Mr Natsikas did not provide Capital newspaper with a forecast, because things depend on demand and supply: “If Russian gas is suspended, then I won’t be surprised if the price on the spot market gets twice as high as the price of gas which Bulgaria and Greece currently get from Gazprom.”

Procrastination isn’t helpingIt is high time for Bulgaria to seek options for supplies of liquefied gas from Greece, since there is no other short-term alternative.

Negotiations between Bulgaria and Greece in the last two months were not very productive. Bulgaria has a caretaker government; a regular government will be formed by the end of October, and its representatives said they cannot take long-term obligations. According to sources, DEPA (the biggest Greek gas trader) proposed to Bulgargas (the Bulgarian state-owned

gas trader) to buy two cargoes of LNG. They could partially fill the gap, if Russia suspends gas deliveries. The Bulgarian company however was not very enthusiastic. Bulgargas is in dire financial situation and incapable to set aside money to fill even the existing gas storages in Bulgaria with the Russian gas that is available, not to mention buying expensive LNG.

Bulgarian officials floated a novel idea, to barter Greek gas for Bulgarian electricity, but they did not go into details. The idea was suggested in an article published in the Bulgarian newspaper “Capital” several months ago. Approximately 70% of gas consumption in Greece comes from the electric power plants. To export gas to Bulgaria, in case Russia suspends deliveries, Greece would have to reduce electricity production in its gas plants. The “missing” electricity could be easily covered by Bulgaria.

Big amounts of LNG would be hard to get not only because of the small market (no one is that interested in a couple of cargoes) but also because the suppliers are not willing to wade

into waters dominated traditionally by the Russians. The former Minister for Economy and Energy, Traycho Trakykov, said for Capital newspaper that “we can negotiate with Qatar a billion cubic meters of gas every year and it still won’t come. The Qataris are quite sincere when they say that their gas cannot compete with Gazprom’s. At the same time, don’t forget the gas cartel. It is headquartered in Qatar, and its first CEO was Russian. But we still have to begin from somewhere”.

Bulgaria will not suffer too much from a possible gas supply disruption, if it begins preparations on time, i.e. immediately. It is not cheap, but no insurance is cheap – and if the catastrophe is avoided, it might seem as a waste of money. But losses will be significantly higher if the country finds itself obliged to curtail industrial production due to a shortage of gas.

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04Is serbIa ready to face a wInter energy crIsIs?the recent floods had serious consequences for the serbian energy system, and the memories of the 2009 gas crisis are still fresh, but the country will not run out of energy this winter. 470 million m3 of gas are already stored in the banatski gas storage. Moreover, there is enough coal at the thermal power plant dumps.

oil & gasSerbia Energy & SEEC

Fears that Serbia with face restrictions this winter, that it will be cold in the apartments, are not unreasonable. However, government officials assure us that even in the darkest scenario our country will not run out of energy. Mining and Energy Minister Aleksandar Antic argues that citizens have no reason to worry, because energy supply in Serbia will be stable this winter. He says that cuts are not an option, because the Government, the Energy Department and Electric Power Industry of Serbia (EPS) have the answers for everything, even the worst scenarios regarding energy supply.

Aleksandar Obradovic, CEO of Serbia’s power utility EPS also assures consumers that the Serbian power system is stable and will remain so. EPS has decided to import electricity this summer because the price is far more favorable at this moment, and all the coal produced in the Kolubara and Kostolac coal mines is preserved for the winter, when the price per kilowatt is drastically higher. Dumps in biggest Serbian TPP “Nikola Tesla” in Obrenovac have stored about 1.2

million tons of coal and 200,000 tons are located at the Kolubara landfill.

EPS has been preparing, in collaboration with colleagues from Europe, several fuel supply scenarios for the winter. For now there are three such scenarios. The first is to provide as soon as possible an additional amount of own coal, the second is to negotiate a possible electricity purchase agreement and the third to eventually purchase coal quantities in the region.

PrioritiesA priority is how to get enough coal to generate electricity. Kolubara basin, the largest EPS coal supplier, was able to resume 80% of normal production levels by dewatering and putting into operation the Veliki Crljeni mine. To resume production at full capacity, it is necessary to dry the biggest mine, the Tamnava–West field. The companies that will pump water and mud out from the pit have already been selected and works are expected to begin later this month. If the selected contractors, Energotehnika Juzna Backa from Novi Sad and Romania’s SC NESS Project Europa SRL,

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work at the capacity they promised, i.e. from 20 to 30 cubic meters of water per second, it is believed that a deal could be completed in several months.

Even in the years when the energy system was fully prepared for the winter period, we still imported electricity during peak consumption period. Now that we have to face the huge consequences of the floods on our mines, we do everything to ensure that our citizens do not feel it this year. I believe we will succeed in doing so. On the other hand, the electricity market is functioning well the last two years. Large industrial consumers and a part of the small and medium enterprises, as well as some institutions, have changed suppliers, so they are no longer supplied by state companies. This is an additional advantage because the part of the electricity they consume is available for consumer use.

With regard to gas, Energy Department officials claim that the underground gas storage in Banatski Dvor is full. Currently there are 449 million cubic meters of gas and 470 million cubic meters are

supplemented by special methods, which is a historic high.

supplementingThese quantities, however, are only sufficient for about three months. If Ukrainians decide to punish a part of Europe and shut the gas valves, we may have a recurrence of the 2009 crisis. Authorities, however, argue that there is little chance that something like this happens and if it happens, Serbia has a ready answer.

Unfortunately, Serbia has already had an experience with the “Ukrainian crisis”; if all announcements are implemented, and there is another crisis this year, people hope that this experience will help us overcome it without pain. Srbijagas as well as the Energy and Mining Department have announced that our underground gas storage facility in Banatski Dvor will be filled to maximum capacity by the end of August. Moreover, it is also possible to purchase small quantities from other underground gas storage facilities in Europe, especially in Hungary, Austria and Germany. These quantities can

be purchased only when the countries have met the needs of their own market and estimate that there will be a surplus. But then the prices are considerably higher than the contracted ones, and such a “privilege” should be counted on only in the worst possible scenario for the Serbian energy system. It is recommended that all others in a timely manner, where possible, and where technical replacement capacity can be used by any other energy source, provide additional alternative fuel, coal, oil fuel and wood.

Some consumers, especially in urban areas, which traditionally use gas in cold days, are likely to switch to electricity stoves.

This is something which should concern all of us and not only our power system. Whether it is really going to happen, and to what extent, will largely depend on prices and the pricing policies of the Government in this area, but also on weather conditions. However, I am convinced that Serbia is doing everything to be ready to welcome the coming winter season and to have an answer in case of

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a gas crisis. I think that we have to rely primarily on available domestic resources. Natural gas underground storage facilities will be filled up to their full capacity, coal reserves in the dumps of our thermal power plants are already filled, oil refineries are working steadily and in the refining sector there is enough space for the production of heavy oil. These are the key energy sources, which may be substituted for the missing quantities of natural gas in the case of a gas crisis, and they are here in our market. With good coordination we can “survive” a gas crisis without much difficulties, says analyst Aleksandar Markovic from Serbia Energy.

Higher prices are not a solutionElectric Power Industry of Serbia faces stacks of unpaid consumer bills, huge losses from obsolete networks, while all innovative methods of electricity generation are prone to theft. In addition, the May floods have seriously jeopardized the system.

EPS suffered extensive damage during the floods in May and we still review all measures that can be taken to minimize the impact of the floods on the stability

of electricity supply and EPS business activities. Increasing the price of electricity is not a solution and can make up only a third of EPS’ financial needs.

Imports continueThe average cost per kWh on the market is more favorable during the summer months, and so the coal deposits are filled until the winter, in order to provide as much raw material as possible for electricity generation. Since the state of emergency declared on May 15 because of the floods, EPS bought 714,464 million kWh by the end of July on the open market for 30.5 MEUR. The average price is 4.2 euro cents per kilowatt.

* South East Europe Consultants (S.E.E.C.) Ltd. is Serbia’s leading energy consultancy providing a wide range of services to South East Europe’s energy markets. Founded in September 2002 as 100% private Serbian company, until now has successfully completed more than 90 projects in the area of energy. S.E.E.C. Ltd. is located in Belgrade, Serbia, and has a branch office in Podgorica, Montenegro.

If Ukrainians decide to punish a part of europe and shut the gas valves, we may have a recurrence of the 2009 crisis. authorities, however, argue that there is little chance that something like this happens and if it happens, serbia has a ready answer.

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05The challenge of

a secure gas supply in serbia

as winter approaches, it becomes clear that the keys to serbia’s energy security in the gas sector are not in its hands – they depend on the further course of the crisis in russian-ukrainian relations. so, the challenge for the serbian gas sector is twofold: in the short term, to secure a supply in the neighboring countries at affordable prices and in the long term, to change its current position in the regional gas supply chain - which is highly dependent and vulnerable – by building new pipelines and interconnections.

oil & gasStevan Veljović

Serbia’s vulnerability does not lie so much on its import dependence, but on the fact that it gets all the gas it needs from one source, Russia, via Ukraine and Hungary. Any interruption along this route would expose Serbia to an almost certain energy crisis. The blow could be even greater than assumed taking into account that the Serbian energy sector - especially coal and electricity production - is still recovering from the damages caused by the May floods.

So far, almost all senior Serbian officials have been assuring the public that Serbia is not under threat of gas crisis. The gas storage facility in Banatski Dvor is filled up to the brim. In addition, the government is in talks with neighboring countries about securing additional quantities in their storage facilities. However, in case of an energy crisis at European level, all of this will not be enough to secure a gas supply for Serbia.

It could be said that the outbreak of the military conflict in Ukraine came unexpected, as did the floods which caused significant damage to energy infrastructure in Serbia. However,

the risks associated with the existing gas supply network were known for years, especially after the 2009 gas crisis, which was caused also by the disturbed relations between Russia and Ukraine. Being dependent on a single source of gas, Serbia was always going to be under threat in case these relations came under pressure and Russia decided to halt deliveries to its European consumers.

Now it happened again. The Serbian gas sector is facing a twofold challenge: in the short term, to secure a supply in the neighboring countries at affordable prices and in the long term to change its current position in the regional gas supply chain – which is highly dependent and vulnerable – by building new pipelines and interconnections.

a multiple-level partnershipThere are not many viable options for addressing these urgent issues. The gas storage facility in Banatski Dvor has been filled up and it is estimated that its 450-million-cubic-meter capacity could provide for up to three months of consumption.

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Serbian Prime Minister Aleksandar Vucic hinted at the possibility of making a deal with Hungary, to use part of their capacities, around 250 million cubic meters, in order to have a guaranteed supply for all industry sectors. “People in Serbia can be assured that there will not be restrictions in electricity, we will have enough gas, and all they have to do is pay attention and fulfill their civic duty to pay their bills on time,” Vucic said at a press conference on September 25.

The second issue – developing alternative supply channels – is more complex and of greater importance for Serbia’s future energy security. Serbia’s own production covers less than one fifth of its needs. Consumption needs are met mostly by imports, with Russia’s state-owned Gazprom being the main partner of the country. Domestic gas production is controlled by another Russian company, NIS, a subsidiary of Gazprom Neft, which has the right to exploit oil and gas sites in Serbia, according to the energy agreement signed between Russia and Serbia in 2008.

According to the long-term

intergovernmental agreement on the supply of natural gas signed with Russia in 2012, Serbia is able to use up to 5 billion cubic meters of gas yearly, two and a half times more than its actual consumption, which was 2.2 billion cubic meters in 2013. Households represent the largest group of consumers, accounting for almost 250.000 out of around 261.000 consumers, while the biggest consumers are the industry and the heating plants, which account for about 90 percent of gas consumption.

According to experts, the price of the imported gas on the Ukrainian-Hungarian border is now about 380 dollars for 1,000 cubic meters, without including additional charges for the transit through Hungary.

Russia is also Serbia’s partner in developing a major European pipeline, the South Stream pipeline, and holds the controlling 51 percent stake in the subsidiary South Stream Serbia, registered in Zug, Switzerland. Russia is supposed to finance the largest part of the construction works, while pledging that Serbian construction companies will

be involved in 40 percent of the works.

Serbia officially started the construction of the South Stream pipeline on November 24, 2013, with a high-level celebration and by welding two pipes, but works have not started properly since that day. The construction of this €1.7 billion pipeline is due to begin, once again, at the end of October 2014, despite the ongoing dispute between Russia and the EU over the European demand to bring the project in line with the regulations of the European Union.

Commenting on the South Stream situation recently, Serbian Prime Minister said that the implementation of the project, which is “good for Serbia”, depends solely on Russia and the EU and cannot hinder the accession course of Serbia.

Ljubodrag Savic, professor at the Faculty of Economics, Belgrade University, believed that Russia and the EU would eventually find a common language over the South Stream, but warned that this would not solve Serbia’s problems in the short term. As things now stand, Serbia could easily face gas supply problems

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and this is something that neighboring countries are preparing for, too. If that happens, this will affect all consumer groups – industrial, heating plants, schools, hospitals, citizens”. He added that even without interruption to gas supply, the continuation of the crisis in Ukraine could lead to increased prices.

According to estimates, Serbia would have to spend between €350 million and €500 million for importing energy,

including electricity, coal, gas, and oil fuel. Even if heating plants switched to oil fuel – which not all of them can do – Serbia could still lack around two billion cubic meters of gas per day. “It turned out to be a good circumstance in this situation that our industrial production is very low right now, because the cost to contain production would be much higher, especially with the damages caused by floods to the electricity sector,” Savic concluded.

unbundling delaysApart from South Stream, Serbia has another stalled gas pipeline construction project. Ivica Dacic, former Prime Minister and now first Vice President of the Government and Minister of Foreign Affairs, signed on December 14, 2012, in Brussels, an agreement to put in place the first gas pipeline between Bulgaria and Serbia, the Nis-Dimitrovgrad-Sofia pipeline. The Serbian part of the investment, worth around 65 million, is funded through EBRD credit lines and IPA funds, but works have not started yet, as EBRD has set the restructuring of Srbijagas, Serbia’s state-owned gas monopoly, as a condition for using the credit line.

Srbijagas’ restructuring plan has been submitted to the Government several times in the last 18 months, always to be withdrawn for further improvements. The Ministry of Mining and Energy submitted the latest version of the proposal on October 1 this year, claiming it is in line with Third Energy Package of EU regulations. If the plan is adopted,

the Ministry expects it will allow the restructuring of Srbijagas, including the legal and ownership unbundling, to be completed until March 31, 2015.

This announcement came after Janez Kopac, director of the Energy Community Secretariat, said on September 30 in Belgrade that the unbundling of Srbijagas is a formal requirement of the European Commission on Serbia’s accession. Kopac reminded that the Energy Community launched an infringement procedure against Serbia because the company was not divided into a transmission system operator and a gas supplier.

Since all the deadlines were breached, both the EBRD credit and the project stopped, and Serbia missed the opportunity to diversify its gas supply by connecting to a pipeline which transports gas from countries other than Russia, such as Azerbaijan. If the timeline had been respected, the construction of the Niš-Dimitrovgrad pipeline would have begun by July 2014, and the first gas quantity would have been piped by the end of 2015.

This would still be not enough for Serbia to solve its problems for this winter, but it would at least offer a viable alternative gas supply for the coming years. With the existing infrastructure, Serbia has not much alternatives but to fill its gas storage facilities, reserve capacities in other countries and hope for the best and fast resolution of the crisis in Ukraine.

ljubodrag savic, professor at the faculty of economics, belgrade university, believed that russia and the eu would eventually find a common language over the south stream, but warned that this would not solve serbia’s problems in the short term.

Serbian Prime Minister Aleksandar Vucic

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06Serbia refuSeS to impoSe SanctionS on ruSSiathe visit of russian president Vladimir putin to Serbia on october 16, marking the 70th anniversary of belgrade’s liberation, has confirmed, once again, that Serbia intends to hold more than a friendly relationship with this centuries-old friend. that means that it will not impose sanctions on russia as most Western countries have done because of the ukrainian crisis. but the Serbian authorities’ decision, which is backed by all relevant political forces, has led, and will continue to lead, to growing pressure from both european and american institutions and politicians.

Geopolitics of energyVladimir Spasić

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Serbia wants to join the European Union and has already embarked on this path, albeit slowly. But the traditional friendly ties that unite Serbia and Russia, two Orthodox nations, predate Serbia’s decision to join the EU. Moreover, the links between the two countries have been strengthened by economic exchanges. Serbia imports from Russia most of its crude oil and natural gas and sells to Russia an increasing range of goods. This second part is of great significance, because Serbia has big economic problems, a huge budget deficit and a declining GDP, and cannot afford to lose any opportunity to produce and export goods.

Western pressure The European Union imposed the first sanctions on Russia in March and in May Serbian Prime Minister Aleksandar Vucic said that the EU had asked from Serbia to join EU sanctions against Russia. «The West called us to impose sanctions on Russia because of the crisis in Ukraine, that is to align our foreign policy with that of the European Union», he said.

The Prime Minister, however, asked the EU to respect the position of Serbia which, in the case of Russia, is based on moral, and traditional and strong

economic ties, which are equitable and fair. “I think that Serbia has shown that it has a policy that takes into account moral, EU membership, but also respect to friends that have never imposed sanctions on us and have never bombed us (the West imposed sanctions on Serbia and NATO bombed Serbia), and what is very significant for a country with which we have very successful economic relations”, said Vucic, leader of the ruling Serbian Progressive Party.

The leader of the Socialist Party of Serbia, Deputy Prime Minister and Minister of Foreign Affairs, Ivica Dacic, said that Serbia cannot impose sanctions on Russia because Moscow has never imposed sanctions on Belgrade and stressed that Serbia is trying to keep a balanced attitude in relation to Ukraine. “The Prime Minister and I have explained that to the EU. Our position is based on two principles. The first is that Serbia respects the territorial integrity of all UN members, and therefore Ukraine’s. The second is that Serbia cannot impose sanctions on Russia because Russia has never imposed sanctions on Serbia. Such a balance is in our national interest», he explained honestly and quite sharply.

Dacic reiterated that Serbia is not a

“it’s easy when other countries are eu member states... in that case, when you impose sanctions on russia or when russia introduces sanctions against them, the eu compensates member states for the damage... but who is going to compensate us?” – foreign minister ivica Dacic

Vladimir Putin and Tomislav Nikolic during the visit of the Russian president in Belgrade.

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member state of the EU because the EU says they are not ready.

«If we are not ready to be a member state, why do we have to be ready right now to accept everything EU says? That will happen when we become a full member state of the EU, and till then we have to protect our national interests», Dacic stressed.

eu’s specific request In August, the Serbian government faced a new challenge: Russia banned imports of EU agricultural products. The EU called Serbia to refrain from boosting exports to Russia and said that granting new export subsidies was considered as “an unfair and hostile behavior” that differed from that of the EU, aimed at stabilizing the situation in Ukraine.

Prime Minister Aleksandar Vucic responded that Serbia will act in

accordance with the recommendations of the EU, but will not impose sanctions on Russia. He stressed out that his country takes the recommendations of Brussels very responsibly and seriously, adding that the Serbian government will respect other states’ interests, but what preoccupies Serbia are the citizens of Serbia. He said that the comments on boosting food exports to Russia sounded grotesque because his country could not produce enough even for their own needs and imported more than 50 percent of the agricultural products they needed.

At the same time, Dacic said Serbia was in a hostage situation because the crisis between Russia and Ukraine threatened energy security, as 75 percent of foreign trade with Russia were imports of oil and gas. «What is the alternative to the South Stream? We have no alternative. The only available supply of gas for

facts

– Over 95 percent of crude oil consumption in Serbia is covered by imports, mostly from Russia

– Over 80 percent of natural gas consumption in Serbia is covered by imports from Russia

– Gazprom is the majority owner of Naftna Industrija Srbije (the national oil company of Serbia) which has the largest network of filling stations, the only refinery and all oil and gas fields in the country

– As from 2010, Serbia has been increasing exports to Russia by 30 percent each year

– In 2013, Serbian exports to Russia amounted to $1 billion.

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Serbia is via Ukraine. We are trapped in this situation between Ukraine and Russia when it comes to energy security. That’s why we need alternative routes like the South Stream», he said.

The stance of these two leaders of the ruling coalition was also welcomed by the main opposition party, the Democratic Party. Vladimir Todoric, International Secretary of the Democratic Party, said that Serbia should not impose sanctions on Russia, nor should it sabotage EU’s sanctions on Russia, in an effort to keep a balance between the two. “We should not forget that Serbia has seven times higher exports to the EU than to Russia. Certainly, we should slowly start to align our foreign policy with that of the EU, but without introducing sanctions”, Todoric said.

The vice president of the Democratic Party, Goran Jesic, supported the position of the Serbian government in the following words: “This is the answer: we respect the EU and we will not further encourage exports to Russia. I need to take off my hat to this decision”. He underscored, though, that the problem with the EU would cause an invaluable

damage to the Serbian agricultural and manufacturing industries.

Serbia’s position was probably best outlined by the leader of the League of Social Democrats of Vojvodina, which is in the opposition. «At this point it is vital for Serbia to avoid being drawn into a new Cold War that could have irreparable economic consequences for the country. Sanctions between the EU and Russia are the beginning of the Cold War in the 21st century, and the only sensible thing is for Serbia not to play political games as if it were a superpower, but to watch out for the survival of the country and its people. As an old African proverb goes, whether elephants make love or war, it is the grass that suffers. Well, Serbia is that grass”, he pointed out.

Serbia will face bankruptcy if it takes a side “The idea to introduce any kind of sanctions against Russia or the EU is a luxury we cannot afford. The fact is that Serbia is at the moment in an extremely sensitive position and getting out alive requires great wisdom. If Serbia takes a side in this conflict, we may soon go bankrupt as a country. And that is

why, on the one hand, there is no other answer than to insist on the territorial integrity of Ukraine. On the other hand, introducing sanctions on Russia, considering our energy dependence and exports to Russia, would be disastrous for our very weak economy», said Nenad Canak, leader of the League of Social Democrats of Vojvodina.

DSS: We have introduced sanctions on russia But some political parties do not think that the ruling coalition is against imposing sanctions on Russia. The Democratic Party of Serbia accused the Serbian government for introducing “soft sanctions” on Russia and for limiting food exports to Russia to a level that was not realistic, possible or desirable. “The Government of Serbia depends on the will of the EU and follows their orders which are in the EU’s interests. These are not Serbian but foreign interests, and usually they are contrary to Serbian ones”, Dragan Marsicanin noted. He underlined that this is why Serbia introduced “soft sanctions” on Russia, as requested by the EU, and that if they asked for more, they would get more.

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07Romania can suRvive a possible gas cRisisRomania can survive the winter without Russian gas even if the imports are now at 9%. The country has filled its gas storage facilities, but unfortunately cannot help its neighbors because there are no reverse-flow interconnectors.

oil & gasEmilia Damian

Gas imports from Russia were reduced several times this autumn in Romania, without any official reason for this. Romania cannot take legal action against Gazprom for reducing the supply of natural gas, because imports come to the country through intermediaries, also controlled by Russia, Energy Minister Razvan Nicolescu said.

Romanian companies have no direct contracts with Gazprom, but with Imex Oil, a subsidiary of Russia’s Conef, and WIEE, a joint venture of Gazprom with Germany’s Wintershall.

“I don’t think that this behavior [of Gazprom] is beneficial to anyone; I have tried to understand it, over the last few days I have also tried to discuss it with my counterparts in other EU member states and with the European Commission. This behavior will make Europeans lose their confidence in Gazprom as a secure and long-term gas supplier,” Nicolescu said.

Both Gazprom’s Sofia-based dispatcher for the Balkans and the Russian embassy in Bucharest refused to give an official

reason for the import cuts, he said.

The advantage of the gas storage facilitiesThe Romanian Government has said repeatedly that households will not be affected by lower natural gas imports this winter, even if Russia brings them to a complete halt until spring.

Romania has already stored 2.5 billion cubic meters of natural gas, while the Energy Regulatory Authority estimated needs for the cold season to be at 1.8 billion cubic meters. The current daily consumption in Romania is 15 – 20 million cubic meters of gas, and the daily domestic production 32 million cubic meters.

get used to it!Romanian Energy Minister Razvan Nicolescu stressed that cutting gas deliveries was a strange decision from Russia’s part, but also a game one has to get used to. “We must get used to this strange decision of Gazprom and take things calmly. I do not rule out that this on-off game could continue. It is a game trying to make us nervous and

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those who play such games are going to lose a lot in terms of credibility,” Nicolescu said.

The bad news is that Romania cannot help its neighbors, as it doesn’t have connection points to export gas via pipelines, apart from a small pipeline with Moldova. Romanian gas producers -Romgaz and Petrom- have each submitted a bid to Moldova for the supply of natural gas through the Iasi-Ungheni pipeline, but for the time being they are not exporting gas.

Romania’s Energy Department officials said the price in companies’ bids is 20 percent lower than the price for Russian gas. “There are two bids submitted by Romanian companies to Energocom, the Moldovan state-owned supplier, that have delivery prices at the border that are 20 percent lower than the ones charged by Russia’s Gazprom. The construction and commissioning of the Iasi-Ungheni gas pipeline has given consumers in the Ungheni area the possibility of an alternative to the existing natural gas supply routes,” officials said.

a pipeline to chisinauThe pipeline can deliver nearly 14,000 cubic meters per hour, which is 3 percent of Moldova’s consumption. “We are expecting to use this opportunity soon, but it is up to the Moldovan corporation to decide when to do so. Romania has kept its promise and completed this important energy infrastructure project at the agreed time and with final expenses in excess of

those initially estimated. We will continue to encourage the development of energy infrastructure and the interconnection of Moldova’s and Romania’s energy systems”, officials also said.

Moldova’s Ministry of Economy announced on its website, on September 10, that the European Union will allocate an additional €10 million for the expansion of the Iasi-Ungheni gas pipeline to Chisinau, in order to secure an alternative for the gas supply of the capital city, Moldova. The Iasi-Ungheni pipeline is 43.2 km long, of which approximately 32 km on Romanian soil; it is 508 cm in diameter and buried at 1.8-2.2 meters underground. The maximum capacity of the pipeline will be 1.5 billion cubic meters per year, which means more than the annual natural gas consumption of Moldova.

another gas producer in RomaniaUS firm Stratum Energy has started producing oil and natural gas in the Moinesti block of the Poduri oilfield in the eastern Romanian county of Bacau. The company has already invested in Romania more than $70 million.

Stratum Energy said it would invest more than $150 million in 2015, provided that the Romanian authorities issue the necessary approvals. Stratum Energy is also going to continue to make significant exploration and exploitation investments in Moinesti beyond 2015.

“Stratum commits to continue investing in Moinesti and in Romania. The

gas in Poduri will help the country move towards the goal of energy independence, contributing to regional stability. We are thrilled by the optimal beginning of production in Poduri and looking forward to becoming an active contributor to Romania’s energy security,” Stratum CEO Qasim Sharif said.

modern drillingThe two rigs (Poduri 1 and 2) currently have a daily output of 450,000 cubic metres of gas, plus 100 cubic metres of condensate and light crude oil. A modern drilling equipment, built this year, is currently working at the Poduri 3 well, and should subsequently drill 9 more wells. The company has also built a pipeline with a daily capacity of 4 million cubic meters, connecting the Poduri reserve to the national gas transmission system operated by Transgaz.

Energy Minister Razvan Nicolescu announced that Stratum Energy is to become the country’s third gas producer, after investing $150 million in 2015. “Stratum Energy will become Romania’s third gas producer, next to Romgaz and Petrom, with an annual output of more than 0.5 billion cubic meters, after investing more than $150 million in our country next year, to develop its recent conventional gas discoveries in Moinesti, Bacau County,” Nicolescu said after meeting with representatives from American oil companies during a visit to the United States.

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08Greece to propose an LnG-based back-up pLanGreece, which depends on russian gas piped through ukraine for about 60% of its demand, has already taken steps to mitigate the impact of an eventual new energy crisis. With a proposal based on the principle of european solidarity, the Greek government is pushing the european union to create a back-up mechanism for the supply of Liquefied natural Gas (LnG).

oil & GasPenelope Mitroulia

The Ukraine crisis and the event of possible disruptions of Russian gas flows to Europe via Ukraine have raised deep concerns both regarding supply adequacy and, above all, the cost of meeting demand with Liquefied Natural Gas (LNG), which is the only alternative solution, especially for the Balkans.

In mid-August, Energy Minister Yannis Maniatis, in consultation with Prime Minister Antonis Samaras and Foreign Minister Evangelos Venizelos, sent a letter to Guenther Oettinger, European Commission Vice President and Energy Commissioner, and Claudio De Vincenti, the Italian Deputy Minister for Economic Development and chairman of the European Energy Council, explaining in detail the reasons necessitating the creation of such a mechanism and the way it could work.

The same issue was also raised by Prime Minister Antonis Samaras at the EU summit and, according to diplomatic sources, the fact that the European heads of state stated in their communiqué that Europe could use Liquefied Natural Gas as an alternative

source of energy, if the Ukraine crisis escalated, is a first positive step in this direction.

the Greek proposal The Greek initiative provides for the creation of an emergency LNG supply coordinating mechanism, under the supervision of all stakeholders, that would prioritize and organize LNG deliveries to the EU Member States most in need, including funding from the EU side for the additional costs incurred.

Specifically, as Yannis Maniatis says in his letter to the Energy Commissioner, the Greek government proposes to set up an “Emergency LNG Supply Coordination Mechanism”, under the supervision of the Coordination Group for Natural Gas (Gas Coordination Group), aimed at giving priority delivery of excess quantities of LNG to the most affected European markets, instead of other destinations.

This mechanism will use an electronic information and transaction platform which will be continuously updated with information on LNG suppliers, prices,

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transactions, shipments, and routes. This will also allow the EU to make provisions for EU funding to support Member States in case their companies have proven economic losses from the sale of LNG to companies of other Member States. The proposed mechanism could be activated to face energy supply crises both at European and regional levels, e.g. in the Balkans.

The letter explains in detail how this mechanism could be set up and how it could function, as follows:

At the first stage, the EU could specifically define one or more EU areas to enhance local or collective energy security through LNG. The mechanism will be activated only under gas supply crisis conditions, in the event of an alert or emergency.

The European Commission, or the Gas Coordination Group, will require from Member States, for the period beginning in October and ending next February, the following information: a. Secured and possible LNG deliveries for the next semester. b. Estimated LNG excess quantities that could be exported to other Member States. c. Expected LNG shortages for the next six months in the event of a crisis alert or an emergency due to a crisis situation.

The mechanism should also include provisions that will ensure the availability of emergency LNG quantities and the

relevant guarantees needed to support the possibility of supply for those suppliers or customers most affected by a severe supply disruption.

A second step for the implementation of this plan will be the launch of an “Emergency LNG Supply” program, under the responsibility of a commonly accepted body (e.g. Gas LNG Europe) and the supervision of the Gas Coordination Group in collaboration with the competent authorities of the Member States concerned.

europe is heavily reliant on russian gas Europe imports 35-40% of the gas it needs from Russia, through pipelines, while there are Member States, such as Bulgaria, which depend 100% on Russian gas. In Greece, 60% of the natural gas distributed by DEPA, Greece’s public gas company, comes via Ukraine and the same applies, to various degrees, for almost half of Europe: Austria, Hungary, the Czech Republic, Bulgaria, Slovenia and Montenegro, Bosnia, Serbia, and Moldova.

Thus in case of a prolonged disruption of Russian gas flows to Europe via Ukraine - a disruption longer than that of 2009 which lasted two weeks -, it is certain that there will be major supply problems, exacerbating the already high LNG prices, because all countries in need will turn to the spot market. It should be noted that in London, the largest market

in Europe, gas contracts for delivery in September rose by 18% from mid-July to August. In fact, it is estimated that if the Ukraine crisis is not resolved, prices will increase by 12% in the next few months, driven by fears of a possible disruption of Russian gas flows to Europe. Until July, however, gas prices moved lower, hitting a four-year low.

According to Energy Department officials, these developments will lead to a surge in energy prices, and it is not sure that there will be LNG quantities to make up for the lack of Russian gas, because the impact on the energy balance will vary from one country to the other country, each country has different LNG quantities secured through long-term supply contracts, and many countries, such as Bulgaria, Hungary, the Czech Republic, Slovakia, and others, lack LNG infrastructure. At the same time, for the countries that traditionally hold large shares and contracted quantities in the LNG market, such as Spain, France, Italy, Portugal, and the United Kingdom, the lack of Russian gas will not affect their energy balance.

Moreover, a major problem that exists with regard to LNG supply is the large quantities consumed in Asia, especially the Far East, and Japan in particular. Demand in these countries has driven gas prices to levels much higher than those in the US and the EU. This could mean that even if Russia cuts off gas flows, the LNG quantities that could be

Yannis Maniatis, the Greek Energy Minister Guenther Oettinger, European Commission Vice President and Energy Commissioner

Claudio De Vincenti, the Italian Deputy Minister for Economic Development and chairman of the European Energy Council

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available for Europe could eventually end in Asia and not in Europe.

depa’s plans for responding to the crisisThe stress tests carried out to assess the strengths of the Greek natural gas system and the emergency response plan are based on substituting LNG for Russian gas, through the opportunities offered by the Revithoussa facilities and on using oil for electricity generation and other possible uses. If these measures prove insufficient, then consumers will have to cope with part time gas supply cuts. The storage capacity of Revithoussa is enough for 18 days. Beyond that period of time, the terminal will need to be supplied with ships and there is a proposal for renting a floating gas storage unit.

DEPA has for this purpose an amount of about €150 million and estimates that it has secured an adequate “cushion” to buy massive LNG quantities if needed.

The quantities of LNG that will be needed to meet demand in a crisis situation will depend on the duration of

the crisis and the time of the year, i.e. whether it will erupt during hard winter conditions, as happened in January 2009. In such an event, it is estimated that Greece will need about 4-5 LNG shipments per month. It should be noted that under normal conditions, due to the continuous supply through the pipeline system, the ships of the Algerian company Sonatrach fueling the facilities of Revithoussa do not exceed 6-8 throughout the year. If the worst-case scenario comes true, Greece’s supply with natural gas is expected to decrease by 70-80%. From the 12-14 million cubic meters of gas currently required to cover needs in Greece on a very cold winter day, there will be only 2 million cubic meters available. According to this scenario, there will not be any Russian gas, which covers 66% of the needs of the country, nor the Azeri gas supplied to Greece via Turkey (17%), because Turkey will opt to keep it for own use, as happened in 2009.

If this scenario proves right, DEPA will have only the Algerian gas (17%) supplied under the contract with Sonatrach. Any request to the Algerians

to increase flows to Greece is considered hard to be satisfied, because their policy is to work with “closed” long-term contracts. Thus, the only way out will be to buy LNG on the spot market and DEPA will have to find available quantities and coordinate their flows. However, the facilities of Revithoussa can meet rising needs with a gasification capacity of 14-15 million cubic meters daily and a capacity to receive quantities of 140,000 cubic meters.

The problem therefore lies on LNG spot prices. At current prices, an average shipment of 90,000 cubic meters of gas costs €25 million. This means that 4-5 shipments per month will cost DEPA €100-125 million.

Last but not least, it should be noted that the preliminary agreements of DEPA with 7-8 of the world’s largest gas suppliers - including Eni, Gaz de France (GDF) and Shell - will also play a critical role for meeting the demand in Greece. The activation of these contracts gives DEPA the opportunity to be supplied on a priority basis, even in times of crisis.

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09Russia to thReaten shale gas extRactionRomanian Prime Minister Victor Ponta said in october that he is in favor of shale gas exploitation, provided that all environmental standards are met. however, as he said, Romania has first to confirm that it has shale gas reserves to draw on.

oil & gasAda Gavrilescu

Russia has funded protests against shale gas exploration in several European countries, including Romania, with €82 million, and blocked large infrastructure projects, such as Nabucco, lawmaker Iulian Iancu, head of the industry and services committee, said during a debate on energy issues.

He said that this is more obvious now, given that Russia has threatened to reduce and even suspend its gas supplies to Europe.

“Roughly, one-third of the energy resources used in Europe come from Russia, but Russia generates one-third of its GDP from energy exports, therefore it is in Russia’s interests to keep its European market. That’s why the rush to block large infrastructure projects, such as Nabucco, and Europeans’ access to indigenous resources. See the demonstrations against shale gas, which we regarded as environmental actions and which were, in fact, supported by Russia, and now we see why,” Iancu said.

a big money issueAccording to Iancu, last year, Russia

funded with €82 million protests against shale gas in several European countries, including France and Romania.

“In Europe there is a big question mark hanging, since you can’t overcome such a strong dependence on Russia in one night. Infrastructure isn’t built in a day, and the cost of liquefied gas is higher anyway than the current price of gas. In this context, coal and nuclear energy are treated as priorities,” Iancu added.

Prime Minister Victor Ponta said in October that he is in favor of shale gas exploration, provided that all environmental standards are met. He pointed out, however, that Romania has first to confirm that it has shale gas reserves to draw on.

“I am in favor of [shale gas] exploration, [but] I don’t know yet if Romania has such resources, we might have surprises in store in this regard; when we have this certainty, in a few years, I will support [shale gas] exploitation by respecting those environmental standards so successful in the United States and other countries,” Ponta said.

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energy independenceHe also said the Rosia Montana gold mining project is not possible to be done in the next 5 to 10 years, because a project of this economic scale cannot be implemented against public will, and according to him, it is clear that the public opinion, after many debates, has adopted a very specific stance.

Ponta added that in geopolitical terms, it is very important for Romania not to depend in a few years time on “the whims of those turning off the tap at Gazprom.”

A few days later, Ponta came back to the position of Romania on shale gas. Any decision on shale gas exploitation will be made when we confirm that there are such deposits in Romania and only after a wide debate on the possible environmental impact, Victor Ponta said.

“First of all, I believe we must see if we have [shale gas] resources. Those of Chevron have drilled, other companies have also drilled (...), no water network was affected, all those stories that it would happen, that there would be an

explosion, nothing happened. Let’s see if we have any resources and, the moment we have this certainty (...), that moment we shall have a very clear debate about the protection of the environment. (...) Then let’s draw the interest of the local communities, a part of the royalties must remain with the local communities. But this is to be decided then,” the Prime Minister said on Digi TV private television broadcaster.

In his opinion, a decision on this topic will not be made before the legislative elections of 2016. ‘If we have resources - because we might not have any and argue in vain-, then we shall table everything that is known about the effects on the environment, about the conditions that must be met, and the future Government, the future Parliament must make a decision in this respect,’ Victor Ponta added.

“in europe there is a big question mark hanging, since you can’t overcome such a strong dependence on Russia in one night. infrastructure isn’t built in a day, and the cost of liquefied gas is higher anyway than the current price of gas” – iulian iancu, chairman of the committee on industries and services, chamber of Deputies

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10ElEctricity DEmanD managEmEnt vs ElEctricity ProDuctionthe process of reindustrialization and the transition to a low-carbon economy are not contradictory trajectories if they are done well. this is the opinion of the industry. We must review the changes in the energy sector in the last few years. What are the possibilities for synergies between the industry and the energy sector? With proper incentives, the industry could offer a lot of solutions to the problems of the modern electricity systems.

ElectricityKonstantin Stamenov*

Last year, the EU set a new goal for the future – reindustrialization. Outgoing Energy Commissioner Guenther Oettinger stated in June 2013 that the European Union has set itself the objective for industry to represent 20% of GDP by 2020. Currently, industry accounts for about 15% or 16% of GDP. The statement, however, came under strong criticism from the industry because it is incompatible with the EU drive towards a low-carbon economy. It increases the cost of energy and the industry might not survive due to loss of competitiveness.

“The European Commission recognizes the central importance of industry for creating jobs and growth, for our capacity to innovate, to compete globally and to master our future with success. Europe has comparatively small energy endowments. It needs to rely on the education and inventiveness of its people, on good ideas and on an industry that is capable to bring these ideas to the market and compete in the global economy” Mr Oettinger said in a speech one year later, at a forum organized by IFIEC (International Federation of Industrial Energy Consumers).

But the reindustrialization and the low-carbon economy are not contradictory trajectories if they are done well. This is the opinion of the industry. We must review the changes in the energy sector in the last years. What are the possibilities for synergies between the industry and the energy sector? Today with the rapid increase of renewable generation, the need for quick balancing sources is desperate. Photovoltaics and wind turbines influence the security of the energy system by their volatile fluctuations, increasing in this way the risk of blackout.

industry to rescue the energy sectorOne response to both reindustrialization and green economy is the Demand Response (DR). Consumers with suitable loads in terms of size and reaction time could be used to improve the security of the electricity system – they could decrease demand rapidly when the system is under stress and increase it when there is plenty of cheap energy. Using consumers’ load cannot help with structural generation shortages, but is perfect for the fine

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tuning of the system. The advantage is that without new investments in new generation facilities the stability of the electricity grid will be guaranteed with quick load response and not with electricity generation as it used to be.

DR must be on a voluntary base and against fair remuneration by market or TSO (Transit System Operator). Transparency in balancing activity and access to essential information (cost of generation, real demand and loads) is a must.

Let’s now compare the situation in Bulgaria. Since June 2014 the balancing market in Bulgaria does not operate well and there are huge price discrepancies. For example, during certain hours, the electricity shortage costs 1000 euro/MWh, while there are negative prices for surplus in peak hours. Another issue is the lack of incentives to consume more at times of higher than expected power generation. The balancing of the system is accomplished only through power plants.

DR offers a new perspective. Let’s think of the load as a storage that can stow away fluctuations – when there is a deficit, load could be decreased and vice versa. The only thing that needs to be done is to assure that there is no discrimination between generators and industry in the tendering procedures for balancing products.

the Bulgarian market is on the verge to changeIndustry has been suffering for 10 years now because of the slow pace of

liberalization of the electricity market. The lack of differentiated products in the Bulgarian market - such as night prices for electricity, long-term contracts (more than one year) etc. -, leads to difficulties to the business consumption and makes generation not efficient. The night load is half the daily one. This gap costs thousands on a daily basis for power plants to turn off and on. Every night the HPP pump storages must run in order to balance the nuclear power plant, which costs money as well.

In 2015 the trade must be completely liberalized and Bulgaria will work on market coupling. The state support for cheap electricity for the population which started in 2006 was a wrong step. As a result, household energy consumption increased by 30% till 2012 while industry consumption was reduced by 30% in the same time, according to the National

Statistic Institute. The political pressure over cheap electricity should be replaced by social schemes for energy poverty support. Cross subsidies from business consumption to households should be reduced in the coming years. In this respect identification of all inefficiencies in energy sector will be crucial. The health of the energy sector is the key for the health of the industry and vice versa.

Investments in energy intensive industries accounted to billions the last decade. The same amount, provided by the state, could go for the energy efficiency of the households and the population. I do believe that the European funds will support the insulations and efficient usage of energy for the population, which is a common EU policy.

The energy sector in Bulgaria needs firm, long-term decisions taken without any political influence and aimed of course at consumers’ prosperity.

* Konstantin Stamenov is Chairman of the MB of the Bulgarian Federation of Industrial Energy Consumers and director of “Strategic Planning and Investments” in Stomana Industry AD. He has a master’s degree in “Economics & Informatics” and is certified in Project Management by Stevens Institute of Technologies, USA. He participated in US Leadership Program in 2013. Stamenov was a Project Manager for SAP implementation as well as for a couple of projects financed by the EU.

the energy sector in Bulgaria needs firm, long-term decisions taken without any political influence and aimed of course at consumers’ prosperity.

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11Oil and gas discOveries in the Black seathe end of July came with very important news from the romanian part of the Black sea: OMv Petrom announced a new oil discovery and exxonMobil together with OMv Petrom started drilling the second well in a big gas deposit. the new discoveries are supposed to have significant economic and social benefits for romania.

Oil & gasEmilia Damian

Romania’s OMV Petrom, the largest oil and gas producer in Southeastern Europe, announced at the end of July the success of an exploration well drilled in the shallow waters of the Black Sea, with production potential of 1,500 to 2,000 barrels of oil equivalent per day (BOE/day).

The Marina 1 exploration well was drilled 60 km from the shore, in the Istria XVIII offshore perimeter, to a depth of about 2,150 meters below the seabed. Water depth in the area is about 50 meters.

The first estimates show a production potential per well of 1,500 - 2,000 BOE/day. The cost of drilling the exploration well amounted to approximately €19 million. After the completion of the tests, the Marina 1 well will be plugged with cement and abandoned.

In the following months, OMV Petrom will evaluate the results of the Marina 1 well and assess its commercial viability in order to develop and start production from the new reservoir. To exploit the reservoir, it is necessary to develop the required infrastructure, including drilling production wells. Production from the Marina

discovery - depending on the decision on its commercial viability - could start over the next three to four years.

Offshore development“The Black Sea is an important area for OMV Petrom, an area which continues to have potential for new discoveries. Currently, production from shallow waters accounts for 18 percent of the company’s hydrocarbons production in Romania. We have over 40 years of experience in exploration and production in the shallow waters of the Black Sea and we will continue to invest in the development of the offshore segment”, said Gabriel Selischi, OMV Petrom’s board member, responsible for Exploration and Production.

OMV Petrom is currently exploiting five reservoirs: Pescarus, Lebada East, Lebada West, Sinoe and Delta. These have a total production of about 31,000 BOE/day.

A few days later, there was another important announcement regarding the oil and gas potential of the Black Sea: ExxonMobil Exploration and Production Romania Limited, a subsidiary of Exxon

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Mobil Corporation, and OMV Petrom announced the start of drilling at the Domino-2 well in the deepwater sector of the Neptune block off Romania in the Black Sea.

The data collected during the drilling program will be used to assess the size and commercial viability of the gas field discovered by the Domino-1 exploration well in 2012.

Domino-1 revealed in 2012 that there could be a natural gas deposit of 42 to 84 billion cubic meters, which is six times bigger than the annual natural gas consumption in Romania.

The Domino-2 well is located approximately 200 km offshore and is being drilled from the Ocean Endeavour rig in a water depth of about 800m.

“A positive unfolding of the project carried out in the deep-sea area of the Neptune block would encourage a range of economic and social benefits through the development of offshore oil sector, of local infrastructure, through creating new employment opportunities for the local workforce and the application of advanced technologies,” the ExxonMobil release reads.

The deep-sea part of the Neptune block stretches on an area of some 7,500 square km, and waters’ depth varies between 100 and 1,700m.

Big companiesExxonMobil, the world’s largest oil and natural gas company, which is publicly listed, uses new and innovative technologies to meet the ever growing demand for energy worldwide. One of the predecessors of ExxonMobil had carried out operations in Romania as early as in 1903.

OMV Petrom is the largest integrated oil group in Southeastern Europe, with an annual production of crude oil and natural gas of 66 million BOE.

The group has a refining capacity of 4.2 million tonnes per year, a high-efficiency 860 MW power plant and a 45 MW wind farm. In terms of distribution of oil products, OMV Petrom is present in the relevant markets of Romania and neighboring countries, through approximately 800 filling stations.

OMV, the largest listed industrial company in Austria, holds a 51.01% stake in OMV Petrom, and the Romanian State, through the Ministry of Economy, holds 20.64%, the Proprietatea Fund 18.99%, while the remaining 9.36% of the shares are in free float on the Bucharest Stock Exchange.

“the Black sea is an important area for OMv Petrom, an area which continues to have potential for new discoveries. We will continue to invest in the development of the offshore segment” – gabriel selischi, member of the OMv Petrom executive Board

“a positive unfolding of the project carried out in the deepsea area of the neptune block would encourage a range of economic and social benefits” – exxonMobil representatives

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12Who cares about the falling oil prices?“there may be a surplus of geopolitical risk in the world, there is an even greater surplus of crude”, wrote recently Daniel Yergin in the financial times. Does this explain the sharp fall of the prices, which are at the lowest level – in real terms – since october 2007, having declined by 25% during the last four months?

overviewGeorge Pavlopoulos

According to Reuters, the 26 percent slide in the oil prices since June (that was the case in the last week of October, when Brent crude traded around $85 a barrel) was triggered by three news items that epitomized the market’s turn: First of all, a downgrade in global oil consumption forecasts; second, projections for another big boost in shale oil; and third, reluctance by OPEC members to cut output. “Recent price drops appear both supply and demand driven”, the International Energy Agency (IEA) said in its monthly oil market report. “Further oil price drops would likely be needed for supply to take a hit – or for demand growth to get a lift”, it added in the same report.

Similar analyses can be found almost everywhere these days. “If prices are adjusted for inflation (using average U.S. hourly earnings), Brent prices are at the lowest level in real terms since October 2007, exactly seven years ago. The oil industry has always experienced very long, slow and deep cycles in supply, demand and prices: the current downturn is no exception. Both the surge in oil supplies and slowdown in demand are the lagged response to the increase

in prices which started in 2002 and lasted until 2012, albeit with a hiatus during the recession between 2008 and 2011”, John Kemp pointed out in his column for Reuters.

As HSBC notes in a Flashnote under the title “The economics of falling oil prices”, “the most recent move downwards appears to reflect a more sober outlook for global growth, given recent data from Europe and Japan and dollar strength. But in addition, a lack of clear guidance from OPEC about its willingness to curb supply and defend the price appears to have played a role (...) Saudi Arabia’s and Iran’s recent price cuts add to the sense of disunity within OPEC. Without a broader agreement for a cut, OPEC production could remain at current levels and we cannot rule out a further slide in Brent prices towards USD80/barrel”.

In fact, there are many oil traders and countries now looking for downside targets at $80 or below. Recently, Kuwait’s oil minister said that oil prices might stop falling at around $76 or $77 a barrel. Saudi Arabia privately told oil market participants last week that it was

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comfortable with lower prices, possibly down to $80 Brent. Indeed, some tend to celebrate low oil prices. For example, the European Union could save up to $80 billion in energy imports if oil prices remain low, providing some relief to households and companies in a region that has been laid low for the last five years.

But usually, there are two sides to the coin – in other words, what shines is not always gold. As HSBC points in the same analysis, “if oil prices are falling because of weaker global growth, this can hardly be described as a good story for any country. Companies and households may see lower costs, but this benefit may be offset by weaker demand for goods (…). The emerging markets are both the largest beneficiaries but also the largest losers”.

At the same time, in Iran, President Hassan Rouhani’s administration has been scrambling for alternative sources of income to meet its forecast for budget revenue based on an oil price of $100/barrel. Speaking to conservative Shi’ite Muslim clerics in their stronghold of Qom late on the 20th of October, government spokesman Mohammad

Baqer Nobakht said “some so-called Islamic countries in the region are serving the interests of America and (other) arrogant powers in trying to squeeze the Islamic Republic”. “They (the West) have forced our oil production from 4 million bpd to 1 million bpd, and this recent fall of oil prices is their latest gimmick”, he was quoted as saying.

The situation is even worse for Russia and the Russian economy which is already suffering under Western sanctions. Even though Vladimir Putin has said the precipitous decline in oil prices is not a “tragedy” for the budget of his petro-state and its people, Moody’s downgraded Russia’s debt rating to Baa2 with a negative outlook, citing, among other things, the ongoing erosion of Russia’s foreign exchange buffers due to low oil prices. As CNBC noted in October the 21th, citing Lauren Goodrich, senior Eurasia analyst at Stratfor, “the official 2014 state budget accounted for oil at $114 per barrel. But because the state budget had a surplus by the fourth quarter, the budget required only about $93 a barrel in order to break even by the end of the year”.

Some days before, Anthony Zurcher posed an even more serious question through BBC: “Lower oil prices, reflected in falling petrol prices at the pump, have been a boon for Western consumers. Are they also a potent US weapon against Russia and Iran?” If so, things are getting really dangerous...

“lower oil prices, reflected in falling petrol prices at the pump, have been a boon for Western consumers. are they also a potent us weapon against russia and iran?” – anthony Zurcher

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13The paTh Towards an energy alliance in The Balkanscross-country government cooperation in the Balkans energy sector was the key topic throughout the 3rd edition of Balkans and the adriatic oil & gas summit, which took place on 1st-3rd october 2014 in athens. “The oil and gas industry welcomes government collaboration, as geology doesn’t respect national borders” a senior ioc executive commented.

oil & gas

The Balkans geology is very promising according to Dr. Neil Hodgson, Geoscience Director at Spectrum ASA, the company that acquired seismic data onshore and offshore Croatia and Italy . Hodgson also emphasised the reasons why this region is currently one of the most fascinating oil and gas frontiers in the world.

The TAP project currently promotes Balkan countries as excellent energy transit territories; however, regional Governments plan to have a more leading role in the gas market, upgrading their status to energy hubs by developing also their upstream sector.

The 3rd Balkans and the Adriatic Oil & Gas 2014 Summit highlighted that there is significant interest from the oil industry in the entire region, as well as in each country individually. More than 200 energy stakeholders arrived in Athens to participate in this high level Summit hosted by IRN in Hotel Grande Bretagne.

The Summit featured an opening speech by the Greek Minister of Environment, Energy and Climate Change, Dr. Yannis Maniatis. Minister Maniatis stated that he

believes it’s crucial for Balkan countries to support regional energy cooperation initiatives. He also elaborated on the Greek hydrocarbon developments, presenting how the Ministry has just signed the environmental appraisal approval for TAP and that there is a plan to increase the energy infrastructure in Greece, including the LNG terminal capacity.

Greek oil operators that have recently been awarded new licensing areas, Hellenic Petroleum (HELPE) and Energean Oil & Gas, also shared their experience of operating in Greece. Hellenic Petroleum’s Deputy General Manager, Yannis Grigoriou, presented on their experience in Greece and abroad. HELPE has just acquired a license for a block in Patraikos field, in joint venture with international partners. Grigoriou highlighted that although negotiations took quite a long time, the company and their partners were eventually very pleased with the results and the broadminded approach of the Greek Ministry of Energy.

The Chairman for the first day, Dorian Ducka, Albanian Deputy Minister of Energy and Industry, facilitated

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interactive dialogue between Government Officials and senior level representatives from the industry. Deputy Minister Ducka opened the Albanian Section at the Summit with a Keynote speech, followed by Dr. Dritan Spahiu, Director for Hydrocarbons’ Policies and Development, who gave a summary of the E&P history in Albania and the recent oil discovery by a major IOC.

According to Mr. Spahiu, the Ministry’s strategy is to increase oil production within the coming years, to allow an effective exploitation of existing crude oil reserves. The Ministry, together with the National Agency of Natural Resources (AKBN) will start competitive procedures very soon in order to award available blocks. Considering that the rest of Western Balkan countries have proceeded with licensing rounds, it’s particularly interesting to see Albania holding an open door competition. The Government will be receiving offers from interested parties whilst giving the opportunity for more bidders to apply their offers within a 90 day timeframe.

The Patos Marinza field, located in Albania, is of vital importance for Europe’s energy security. Discovered in 1927, it reached peak production in the 60’s and is still the largest onshore field in the continent, with 5.2 billion barrels of crude oil yet to be produced. Mark Hodgson, Business Development Vice President and Deputy General Manager for Bankers

Petroleum in Albania, gave an insightful presentation on the Patos Marinza field, which the company operates. Hodgson focused on how Bankers Petroleum has invested in an impressive brownfield development in Patos Marinza, being the largest E&P Company in Albania.

The President of the Croatian Hydrocarbons Agency, Barbara Doric, opened the second day of the Summit with a presentation focusing on the two ongoing licensing rounds in Croatia. It was only two years ago that the country realised that the oil and gas potential was very much unexploited. Croatia worked in cooperation with neighbouring Governments and prepared the terms for current licensing rounds. Ms. Doric, answering a question from the audience, stated that so far “more than 40 oil and gas companies of all sizes from all over the world have expressed their interest in the bidding round”. Although the Croatian E&P sector is in a developing phase, the oil and gas infrastructure is very developed, featuring a number of modern refineries and a good pipeline system, also highlighted by the country’s gas operator, Plinacro.

INA’s Exploration Director, Lilit Cota, showed to the audience the value that INA can add in the new exploration phase for Croatia, by discussing INA’s long presence in the Croatian E&P sector.

With Montenegro currently evaluating offers

received for their first bidding round, Vladan Dubljevic, General Director for Mining and Geological Research at the Ministry of Economy of Montenegro spoke about future developments in the sector. Mr. Dubljevic explained that the Government is very satisfied with the results, and announced that Montenegro plans to open the remaining territory for reconnaissance licenses within the first half of 2015.

Trans-Adriatic Pipeline’s Commercial and Finance Director, Dr. Lutz Landwehr, gave an overview of the project’s developments, explaining recent changes in the board of stakeholder companies. He also pointed that he was very pleased to say that the South Caucasus Pipeline, the first part of the three-part pipeline project, launched in September 2014. He also mentioned that the final investment decision is expected by the end of 2014.

The 3rd Balkans and the Adriatic Oil & Gas Summit was sponsored by Bankers Petroleum, EPE, NRC, Spectrum, Weatherford, Aggreko, Phoenix Technology Services and ATP Instone. The Petroleum Club of Romania, the Romanian Committee of the World Energy Council, the Romanian Energy Centre and the Albanian Energy Association were supporters of the forum. IRN also worked with “The Smile of the Child”, a foundation that does extensive work across the whole Balkan region and listed them as the Official Charity Partner for the Summit.

Sofia Stamataki, professor of Mining Engineering, National Technical University of Athens

Mathios Rigas, Chairman & CEO, Energean Oil and Gas

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14The «miracle» of nanoTechnology in ThessalonikiThere are not many industries now in greece that promise growth, investments and profits, especially after the economic crisis and the austerity measures that followed, and many entrepreneurs either have disappeared or have suspended business activities. nanotechnology goes against this trend not only in greece but all over the world.

innovationsYiannis Pispirigos

A production unit for printed and organic electronics is set up at the Nanotechnology and Organic Electronics Center in the Airport of Thessaloniki. This is the first and only European unit, currently preparatory, that is going to produce circuits for energy production for every potential use. At the end of the year three pilot plants of organic electronics are expected to operate in Thessaloniki and in 4 to 5 years the products to be manufactured in these units are scheduled to be promoted to foreign markets. This significant European research project, in which several university departments and research centers are involved, is called “Smartronics”. This innovative project will be coordinated by the Nanotechnology Laboratory of the Aristotle University of Thessaloniki.

Various implementationsThe first pilot unit of the project is set up in an area of 1,500 sq.m. under specific production conditions. The aim of that plant is to produce durable and cheap materials for every possible use, that will save raw materials, because they are very small and energy efficient. A few

examples of the upcoming products are building materials with integrated heating and cooling circuits in many colors, displays, food packaging, clothing, photovoltaic, nanomedicine implants and many other applications.

a very promising marketAccording to the coordinator of the Nanotechnology Laboratory (Aristotle University), professor Stergios Logothetidis: “The products of nanotechnology are about to create a global market with a turnover of trillions! In 2013, the turnover of the nanotechnology market reached $1 trillion, and in 2019 is expected to reach up to $4 trillion. The most important part is that so far 160,000 nanotechnology businesses have grown rapidly”. Moreover, Mr Logothetidis, referring specifically to Greece, noted that the development of organic electronics production systems will create many new jobs for scientists and specialists.

international cooperationsPlans for the development of the nanotechnology industry in Greece do not stand still. Contrary to that,

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dozens of innovative companies in the field of organic electronics are being created and a dedicated association, Hellenic Organic & Printed Electronics Association (A-HOPE), has already been established. During the international scientific congress Nanotexnology 2014 held in Thessaloniki, A-HOPE signed an agreement to exchange expertise with link firms and research institutions from Germany, located in northern Westphalia.

Nanotechnology companies are now spreading out almost all over the country showing the dynamics of this rising industry, which is mainly aimed at young scientists and researchers, Mr Logothetidis says. 49% of these companies are based in Athens and 29% are based in Thessaloniki. One of these new companies, Organic Electronic Technologies (OET), signed at the International Congress of Nanotechnology (5-12 July, Thessaloniki) a cooperation agreement with Germany’s Azur Space. This was the second cooperation agreement for OET. The first was with the company Coatema.

Azur Space specializes in manufacturing photovoltaic satellites. Now, innovation in new materials is transferred in Greece, Mr Logothetidis says.

Job positionsUnder the existing plans, 80% of the new jobs will result from the establishment of new companies in Greece and their number is expected to exceed 10,000 in the near future. Recent surveys show, however, as the President of the Organizing Committee of the International Scientific Congress Nanotexnology 2014, professor Stergios Logothetidis explained, that innovative companies in the field of nanotechnology are already operating in our country and can be a factor for growth and absorption of new professional staff.

Professor Stergios Logothetidis, coordinator of the Nanotechnology Laboratory (Aristotle University)

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15Natural gas: a syNoNym for greeNeNtrepreNeurshipConferences, workshops, announcements, National strategic reference framework programs, funding policies, european programs, national policies and world business forums have as a main theme “green entrepreneurship”. in greece, several institutions and organizations base their existence on promoting green entrepreneurship, while economists talk about an excellent option, which shows the way out of the current financial crisis.

oil & gas

What do we actually mean by “Green Entrepreneurship”? A commonly accepted definition is that it refers to a business activity for which environmental protection plays a central role in its overall strategy, both at product or service level and during production. Green Entrepreneurship is inextricably linked to “social economy”, which includes activities with both financial and social goals. In this sense, profits are reinvested in the organization, providing a competitive advantage for further financial and social growth.

Green Entrepreneurship is enhanced by environmental policies at national and international levels, such as, for example, pollution limits, tradable pollution permits, environmental taxes, subsidies for investments in “green” production methods, the ecological footprint, etc. Production requires energy and when we talk about environmental policies in business and production processes we mean using environmentally friendly methods. Natural gas is an alternative fuel now used in the industry, in business fleets, in the wider building sector and in transport.

Natural gas penetration rates are increasing as in a short period of time thousands of large commercial and industrial customers have switched to natural gas. With regard to public buildings and schools, there are more than 1300 such buildings in Attica and their number is steadily increasing as shifting to green growth models has become an imperative today. What is also impressive, though, is the shift of the transport sector to natural gas, in an effort to adopt a “green” marketing.

For many companies, one of the most significant burdens on their budgets is the cost of their fleet. The transportation of the goods they produce, the services they provide, the commuting of their staff are carried out with commercial fleets (passenger, light / heavy trucks, etc.). A large number of companies in the sectors of transportation, consumer products and car rental are now using natural gas, achieving, according to recent studies, savings of up to 66% compared to gasoline.

It is worth noting, moreover, that there are 12 million natural gas vehicles in

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the world today, all of them commercial vehicles, while in advanced markets, such as that of the US, municipalities and public transportation use natural gas. Greek municipalities seem to adopt the same policy too: following the example of Attica, where there are already over 100 garbage trucks and more than 600 buses running on natural gas, they are also shifting to the use of natural gas (Volos, Thessaloniki, etc.).

examples of green entrepreneurshipGreen Entrepreneurship can apply to big companies, organizations and self-employed individuals. Apart from concrete examples of Green Entrepreneurship, such as the use of natural gas in production (i.e. Public Power Corporation - PPC), Green Entrepreneurship can take many other forms, such as the taxicabs running on natural gas or the business fleets and trucks running on this green fuel.

Businesses in the tourism industry have been among the first to adopt green operating policies, as an increasing number of hotels are adopting eco-friendly labels, to gain environmentally conscious customers. All the well-known hotels in Athens are currently using natural gas. In the same time, hoteliers in Northern Greece have expressed great interest in adopting similar policies.

According to Mr V. Argyropoulos, Mechanical Engineer, owner of Mech-Engineer, hoteliers in Northern Greece had expressed interest for using natural gas and tried to find natural gas even

green entrepreneurship is enhanced by environmental policies at national and international levels

What are the benefits of green entrepreneurship?

Green Entrepreneurship has financial, environmental and social benefits. The adoption of a green strategy actually constitutes a competitive advantage for a business and ensures a positive image for customers, shareholders, employees and the society. The energy savings which are achieved ensure the sustainability of the organization and significant operating cost savings, because

green policies, such as the use of alternative energy sources (natural gas etc.) usually cost much less than conventional fuels. Using environmentally friendly fuels help a company build an ecological profile that complies with the requirements of the European Union and the demands of the people that now want to see companies and organizations adopting in practice environmental policies.

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international recognition for Depa’s Ceo, spiros paleoyannis

Mr Spiros Paleoyannis (CEO of DEPA) has been elected in the board of directors of GIIGNL (Groupe International des Importateurs de Gaz Naturel Liquefié).

The 24th Commercial Study Group of GIIGNL (Groupe International des Importateurs de Gaz Naturel Liquefié) took place in Athens, 16th – 17th of September. DEPA as a member of GIIGNL, assumed the organization of the event.

The meetings of the Commercial Study Group take place twice a year in a different city and the event is organized and hosted each time by a different Company-Member. The last meeting was held in Singapore, with the BG Group as a host, whereas the next one is planned in Dusseldorf, Germany, with E.ON as a host.

The GIIGNL consists of 74 members, who are basically represented by Natural Gas Companies worldwide and its main aim / purpose is the promotion and the further development of activities and initiatives related to LNG (Liquefied Natural Gas), such as the purchase, import, the process of its transport and its vaporization.

The two-day programme in Athens included the conference of the members, an opportunity for everyone to participate in a fruitful dialogue in the context of the recent financial, technological and commercial developments in the LNG industry and was also followed by a technical visit and tour at the LNG Terminal in Revithoussa.

before the creation of the Protocol and the construction of the network. The demand for natural gas existed before infrastructures and, naturally, when they were built, a large number of well-known hotels in Thessaloniki (ABC, ANATOLIA, TOURIST, AFYTIS, IOLI, KASSANDRA PALACE, NEFELI, OCEANIA CLUB, etc.) rushed to take advantage of the benefits of this fuel, mainly with regard to cost savings.

It is worth mentioning that the new luxury hotels use natural gas, as for example Egnatia Palace Hotel in Alexandroupolis which is connected to the public gas distribution network. Meanwhile, the management of McWilliam Park Hotel in Ireland decided to switch to natural gas and according to its General Manager, Mr Fergal Ryan, «the hotel made significant cost savings and in 2011 it won an ECO award in recognition of their low carbon footprint».

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16A “second north

seA” in the eAstern MediterrAneAn

A fact, that for sure sounds much more realistic today, is that one day the eastern Mediterranean region will eventually become a ‘second north sea’, i.e. the fourth largest region in hydrocarbons production globally (after russia, Qatar and the north sea). the latest developments make this prospect even more visible.

Geopolitics of energySolon Kassinis

The discovery of substantial quantities of natural gas offshore Cyprus by Noble Energy at the end of 2011 constituted a historic development for the island and filled its people with feelings of optimism for the future. For the Republic of Cyprus, whose economy was being dominated for many years by the financial services and tourism sector, and whose prospects have been overshadowed by the enforcement of various austerity measures as a consequence of the global economic crisis, the existence of natural gas reserves (without excluding the possibility of oil discoveries) offers a path out of the vicious circle and back to prosperity.

However, decisions on how to develop the hydrocarbon resources located within the exclusive economic zone of Cyprus and the ways to harvest the benefits from their exploitation to the maximum extent are not straightforward. What is more, such decisions are complicated by the historically tensioned geopolitical setting of the Eastern Mediterranean Region.

Cyprus remains to this day an isolated ‘energy island’ since it has

no interconnections with the trans-European electricity or gas networks, neither the necessary infrastructure to be able to take part in the single European energy market. This sets an additional burden on the competiveness of the local enterprises, the economic balance and the cost of life in general.

The visit in Cyprus and subsequent statements of the Vice-President of the United States of America, the inauguration of the new Egyptian Government, the continuous and strong interest of Israel in natural gas exports through Cyprus, the aggressive exploration activities by Eni, the presence of a global oil & gas firm like Total in Cyprus, the strengthening of the relations with Lebanon, the common efforts between Cyprus and Greece, and the prospects for large oil findings in the region, are just some of the signs highlighting that everything is moving towards the beginning of the ‘hydrocarbons era’ in Cyprus, and the booming of the hydrocarbons industry in the Eastern Mediterranean Region.

The world economy has been in turmoil

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for the past five years and this had a very negative impact on the economies of certain European countries in particular, especially those of Cyprus and Greece, which are now both on an economic recovery path. However, the inevitable austerity measures still remain in effect and suppress the full and true recovery of the economy. It is only through effective and long term growth and development that the economy can re-stabilize again and begin to prosper. To this end, oil and gas have their own particular role to play. The large investments for the infrastructure and installations necessary for the production and export of oil and gas can provide a firm foundation for the restructuring of the macroeconomic and microeconomic indicators, bringing long term monetary benefits both to the country and its citizens, through direct or indirect involvement in the hydrocarbons industry.

Equally important factors are the geopolitical ones and exploration and production challenges; bilateral or trilateral cooperation, pipelines versus shipping, risks and returns, technical issues, are some of these challenges. In addition, the market outlook, that is, demand and supply trends, the maritime transportation of oil, LPG-LNG-CNG, shale gas, sustainability, energy alternatives, energy prices, finance and investments, and new innovations/technologies, all complete the global energy network.

Based on the abovementioned facts, the new situation, as it shapes today,

renders the Cyprus energy sector as the key for the achievement of the goals for economic resurgence and growth. However, on the other hand, it is true that the discovery of hydrocarbon resources entails challenges, opportunities and critical issues which have to be addressed, such as: • The need to transform the hydrocarbon wealth into a sustainable, equitable and human-centered development; • The need to build a broad consensus on the efficient management of the wealth resulting from hydrocarbons; and • The need to develop appropriate proactive measures to safeguard the security and environmental integrity of the island.

The immediate and short-term plans for further exploration activities offshore Cyprus include the following1: – Block 12 (late 2014 / early 2015) o Drilling of a second Hydrocarbon Exploration Well (in a new prospective structure). o Drilling of a second Hydrocarbon Appraisal Well within the ‘Aphrodite’ Discovery (subject to the evaluation of the well data in ‘Ishai’). – Blocks 10 and 11 (within 2015/2016) o Drilling of two Hydrocarbon Exploration Wells (one in each Block). – Blocks 2, 3 and 9 (2014/2015) o Commencement of drilling by end of summer 2014 for a series of Hydrocarbon Exploration Wells (4 in total), as follows: • 1 Exploration Well in Block 9 • 1 Exploration Well in Block 2 • 1 Exploration Well in Block 3 • 1 Exploration Well in Block 9

Despite the fact that the current exploration plans in Cyprus are progressing well, there is still a number of outstanding issues that need to be resolved. The LNG Plant should be targeted as the preferred gas monetization option (not only for Cypriot and Israeli gas, but also for the rest of the potential gas deposits in the Eastern Mediterranean Region), since it can offer the necessary export market flexibility and more significantly, could handle additional gas from neighboring regional countries. The steps for the implementation of such a project should be pursued at a fast pace. The main outstanding issues and the next steps that will need to be carried

For the republic of cyprus, whose economy was being dominated for many years by the financial services and tourism sector, the existence of natural gas reserves offers a great opportunity

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out are the following: • Conclusion of the negotiations and signature of the agreement between Cyprus and the consortium of Noble Energy / Delek / Avner, which will determine the technical and commercial basis for the project of a natural gas liquefaction terminal in Cyprus. o This stage is very important for Noble Energy to be able to evaluate the facts and reach a final investment decision for developing the ‘Aphrodite’ Discovery. o Need to also conclude any other relevant project agreements with all counterparts. o These agreements should provide the basic negotiating tool for any future parties who may wish to export their gas through the LNG Plant in Cyprus. • Decision on Cyprus’ involvement in the natural gas liquefaction terminal. o Given the current difficult economic situation, the State’s involvement could be limited to infrastructure and services that will be supportive for the construction and operation of the liquefaction plant, and which can generate significant revenue and bring other benefits to the State (such as job creation and expertise). • Creation of a bilateral framework of cooperation with Israel, for natural gas exports from neighboring fields (e.g. Leviathan) through the natural gas liquefaction terminal in Cyprus. o This will have a positive impact on the viability of the project and for securing funding for the project with more favorable terms. • Conclusion and signature of the relevant agreements with Israel and

Lebanon, for the joint exploitation of hydrocarbon deposits extending across the median line. • Establishing a National Hydrocarbons Fund, through the drafting of the relevant legislation. • Creating a more favorable business environment for implementation of projects in the field of services/supplies for the oil and gas industry, aiming, apart from the domestic market, to serve also the regional market of the Eastern Mediterranean.

Regarding the gas pipeline export options for Cyprus, a brief but relevant analysis is herewith presented. Turkey is a large market, relatively close to Cyprus, buying gas at premium prices. However, the Pipeline through Turkey route must be absolutely excluded, since gas exports through Turkey will effectively allow control of Cypriot gas flows by Turkey. On the other hand, the Pipeline to Turkey option entails geopolitical issues (such option should only be discussed following resolution of the Cyprus Problem). Greece is another promising market and particularly, a promising transit country for the Central Europe through Italy. There are excellent political ties between Cyprus and Greece, but a potential subsea pipeline option (as mentioned earlier, this is an EU project of common interest, jointly proposed by Greece and Cyprus) would limit export capacity flexibility, while it may also prove technically and economically unfeasible. The large depths (exceeding in some locations the 2,000m), combined with an active seismic environment and large anomalies

of the sea bottom, are some of the key challenges facing such a project. This gas pipeline project will undergo a technical and economic evaluation, as part of a feasibility study (if feasible, such a pipeline could be used to deliver additional volumes of gas to Europe via Greece, in parallel with the LNG export option).

Cyprus is still at the early stages, but with rational decisions and good management/organization of all relevant aspects and issues regarding its hydrocarbon prospects, in order to overcome the present technical, geographical and economic challenges, it can certainly experience significant geopolitical and financial benefits, as well as growth and prosperity for years to come.

1 Information obtained from the Cypriot Ministry of Energy,

Commerce, Industry and Tourism

Solon Kassinis (pictured) is the founder and Managing Director of a consultancy services firm for the energy and oil & gas sector, namely ‘KASSINIS INTERNATIONAL CONSULTING LTD’ and President of the ‘SOLON KASSINIS ENERGY TRAINING SCHOOL AND RESEARCH CENTRE’ at UCLan Cyprus. He also served as Executive Vice President at the Cyprus National Hydrocarbons Company, as Director of the Energy Service in Cyprus, and as a consultant to various Governments and international firms. He has been officially appointed since April 2014 as advisor to the Greek Prime Minister, on energy matters.

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17EnErgy, a goldEn opportunity for Cyprusthe major challenges that Cyprus faces are mainly associated with the security of the island’s energy supply and the containment of greenhouse gas emissions. as everywhere in the world, ensuring a sustainable energy future requires serious commitment from policy makers with a visionary approach, who are willing to make well-informed decisions and to educate the public accordingly. this may be particularly difficult in Cyprus, where energy and environmental issues have never been high in the policy agenda.

legal insightAntonis Paschalides and Vasiliki Neophytou*

The Republic of Cyprus aims to ensure the security of its energy supply, protect the environment and encourage the development of renewable energy technologies and production. The Government also aims to positively contribute to the European energy security of supply.

The energy policy of Cyprus is fully harmonized with EU’s energy policy. The main axes of the energy policy include: • The liberalization of the electricity market and oil sector; • The establishment and operation of a strategic oil stock terminal; • The implementation of development programs related to the use of energy conservation, technologies, the utilization of ingenious RES and the protection of the environment from industrial pollution; • The RES target is to supply at least 13% of the country’s energy by 2020; • The promotion of oil products and other sources of environmentally-friendly energy, such as natural gas.

In the future, the Republic of Cyprus wants to establish a strong export base that will have a significant input in the

national economy. To specify, in time Cyprus has the golden opportunity to become an Energy exporter, an Energy hub and ideally an Energy Center providing and offering the complete package of energy goods and services.

oil & gas sectorCyprus, in an effort to diversity its energy sources, to enhance the security of its energy supply, to reduce CO2 emissions in the power sector and to end its energy isolation, has decided to introduce natural gas into Cypriot energy mix.

The big discoveries of offshore gas deposits in the Mediterranean Region together with the existing oil and gas deposits in the Middle East, present a huge energy potential and certainly a new source for Europe.

Cyprus follows its own hydrocarbon exploration programme within its Exclusive Economic Zone (EEZ). Already as a result of the 1st Round of Licensing in 2007 - 2008, a license was granted to Noble Energy International which proceeded with drilling with positive results. In 2012, Republic of Cyprus

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proceeded with the 2nd Round of Licensing. Presently, exploration licenses have been granted for 6 offshore blocks within Cyprus’ Exclusive Economic Zone to internationally renowned oil and gas companies and their partners. It is worth mentioning that Energy Noble’s drilling in Block 12 was a success and natural gas has been found. Meanwhile the operations in Block 9 have already been started. The Government of Cyprus is continuing its discussions and negotiations concerning the infrastructure requirements necessary for bringing the natural gas onshore for local consumption, as well as liquefaction for export into Europe and other markets.

With the aim of developing the internal gas market and network, DEFA was established by the Council of Ministers of the Republic of Cyprus as the sole importer and distributor of natural gas in Cyprus. DEFA’s responsibilities include: • Buying, importing, holding, using, distributing, selling and supplying natural gas in any form. • The operation of the natural gas transmission and distribution network. • Signing treaties with the Republic of

Cyprus or any other country (or company or organisation) • Negotiating, buying, selling, managing, storing, importing, exporting and re-exporting any goods, tangible or intangible, including natural gas.

Undoubtedly, there have been important discoveries in the eastern Mediterranean Levant Basin. To specify, the exploration result shown that it has been discovered almost one trillion cubic meters of recoverable natural gas. All recent studies of the EC and of the International Energy Agency show clearly that gas will be critical for the transformation of the energy system.

Gas networks face additional flexibility requirements in the system, the need for bi-directional pipelines, enhanced storage capacities and flexible supply, including liquefied (LNG). At the same time, markets are still fragmented and monopolistic, with various barriers to open and fair competition. A diversified portfolio of physical gas sources and routes and fully interconnected and bidirectional gas network, where appropriate, within the EU are needed already by 2020.

The economic advantages of gas today provide reasonable certainly of returns to investors, as well as low risks and therefore incentives to invest in gas-fired power stations. Gas-fired power stations have lower upfront investment costs, are rather quickly built and relatively flexible in use. Investors can also hedge against risks of price developments, with gas fired generation often setting the wholesale market price for electricity.

Discoveries of hydrocarbons in the area of the East Mediterranean come at a time of increased demand for fossil fuels by the EU. Based on the above, Cyprus and its neighbours will be in a position to contribute to the energy security of Europe through the provision of additional sources of energy and through possible participation in new energy infrastructure linking Europe to sources of energy, as such infrastructure is envisaged in the relevant proposed EU Regulation.

The key challenge for the future is to ensure that gas producing countries become ready to open towards exporting gas directly to Europe which for them

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may often imply accepting high political risk linked to the geopolitical situation.

The existence of world-class deepwater natural gas reserves in Cyprus Exclusive Economic Zone has attracted a lot of attention from potential international investors, while bringing new and exciting opportunities to the energy sector itself.

legal frameworkThe legal framework for Oil and Gas in Cyprus is a mixture of EU law (as a Member State) and International Law (since the signatory of the United Nations Convention on the Law of the Sea (UNCLOS)).

According to the regulations in UNCLOS regarding the delimitation of maritime boundaries, the Republic of Cyprus in 2004 passed a law defining and regulating its Exclusive Economic Zone (EEZ), with The Contiguous Zone Law (2004) and The Declaration of the EEZ Law 2004.

The Contiguous Zone Law proclaims that “the inner limit of which is identical with the outer limit of the territorial sea and the outer limit of which shall not extend beyond the 24 nautical miles from the baselines from which the breath of the territorial sea is measured.”

The Declaration EEZ Law defines the EEZ as “an area beyond and adjacent to the territorial sea, subject to the specific legal regime established, under which the rights and jurisdiction of the coastal State and the rights and freedoms

of other States are governed by the relevant provisions of this Convention. The EEZ shall not extend beyond 200 nautical miles from the baselines from which the breadth of the territorial sea is measured.”

Delimitation agreements have been signed by the Republic of Cyprus with its neighbouring countries, in order to define its EEZ.

In February 2003, a delimitation agreement was signed with Egypt in accordance with the International principle of median line, as specified in ‘UNCLOS’, along with a Frame work Agreement concerning development of cross median line hydrocarbon resources and a Confidentiality Agreement in May 2006.

In January 2003 the Republic of Cyprus entered into an agreement with Lebanon although this has not been ratified.

In December 2010, a delimitation agreement was concluded with Israel which was ratified and entered into force in February 2011.

national lawThe most significant domestic laws governing the area of hydrocarbon activities are the Hydrocarbons (Prospecting, Exploration and Exploitation) Law of 2007 (Law No. 4(I)/2007) (Hydrocarbons Law) and the Hydrocarbons (Prospecting, Exploration and Exploitation) Regulations of 2007 and 2009 (No. 51/2007 and No.

the republic maintains (through different provisions) the sovereign rights over its resources while it can grant authorizations to oil Companies for prospection, Exploration and Exploitation.a prospection license is granted for a period not exceeding one year and it involves all activities related to locating hydrocarbons other than drilling.

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113/2009) (Hydrocarbons Regulations), which transpose Directive 94/22/EC into domestic law.

licensesThe Republic maintains (through different provisions) the sovereign rights over its resources while it can grant authorizations to Oil Companies for Prospection, Exploration and Exploitation.

A prospection license is granted for a period not exceeding one year and it involves all activities related to locating hydrocarbons other than drilling. An exploration license involves any appropriate method for exploration including drilling and may be renewed for up to two terms, each term not exceeding two years, following an application submitted to the Cyprus Council of Ministers, Upon each renewal of an authorization for exploration, the holder relinquishes at least 25% of the initial surface of the area that was included in the authorization. When a hydrocarbons discovery is made, an exploitation license is granted for a period of 25 years which may be renewed for an additional period of ten years, after another application to the Council of Ministers.

Environmental planIn 2008 the Energy Service has carried out the Strategic Environmental Assessment (SEA) to estimate the significant effects on the environmental

effect of implementing hydrocarbon exploration and exploitation activities in the EEZ of Cyprus. The licensees are bound to follow and comply with the results and recommendations of this assessment, which seeks to “identify, describe and evaluate the likely significant environmental effects of implementing hydrocarbon exploration and exploitation activities”.

petroleum storage and distribution terminalThe construction of a private €300m storage and distribution terminal in Cyprus with a total capacity of 858,000 cubic meters is underway. It will connect the vibrant trading areas of South East Europe, Asia and North Africa. Preliminary designs for the energy centre (at Vassilikos) are now nearing completion, while the government is currently looking for strategic investors to undertake its construction.

renewable EnergyAccording to Directive 2001/77/EC of the European Parliament and of the Council of 27 September 2001, a “renewable energy sources” shall mean renewable non-fossil energy sources (wind, solar, geothermal, wave, tidal, hydropower, biomass, landfill gas, sewage treatment plant gas and biogases).”

Cyprus promotes sustainable sources of energy, through implementation

of development programs related to the use of energy conservation, technologies, utilization of ingenious RES and subsidization of related projects from the private sector. Cyprus ranks first in the world in solar energy use for water heating in households. It is worth mentioning that Cyprus has achieved significant progress in the production of energy from Renewable Energy Sources (RES). The most important projects relating to power generation from RES concern wind parks and photovoltaic parks.

Total electricity capacity from RES in Cyprus reached 181 MW in May 2013. The objective, as per the National Action Plan (NAP) issued by the Ministry of Energy, Industry, Commerce & Tourism, is to reach a minimum capacity of 584MW by 2020, which will be equal to 16% of the total electricity production in Cyprus and 3% higher than the target set by the EU.

In this respect, the production of energy from RES is expected to experience considerable growth in the years to come since significant investment is required in order for Cyprus to achieve the targeted capacity as per the NAP.

* Antonis Paschalides is Advocate and ex Minister of Energy of the Republic of Cyprus. Vasiliki Neophytou is Advocate

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18Naftogaz-gazprom: a lifetime gas price staNd-offthe history of the relations between the two energy companies is long, complicated and contradictory. But it is always about gas. and it is always about the price of that gas. once again, today, this is the case…

legal insightVitaliy Radchenko*

NJSC “Naftogaz of Ukraine” (“Naftogaz”) imported the Russian natural gas from the Russian monopolist “Gazprom” under the Contract for Sale and Purchase, Supply, Volumes, Terms and Conditions for Transit of the Natural Gas in 2009-2019 as executed on 19 January 2009 (“Contract”). Although the parties claimed that the document is strictly confidential, the text of the Contract was made public by the Ukrainian mass media . Assuming that the published document is authentic (or at least is very close to the text of the Contract) it appears that the gas price established by the Contract is floating and calculated under the complicated formulae.

In 2013 Naftogaz used to pay to Gazprom a price exceeding USD 400 per 1000 cm. In December 2013 after the talks in Moscow between Vladimir Putin and his Ukrainian counterpart Viktor Yanukovych, Gazprom agreed to sell natural gas to Ukraine at USD 268.5 per 1000 cm. After these figures were made public, everybody was keen to know what was promised by the Ukrainian delegation in return for this really generous price. Viktor Yanukovich

was likely to have committed to join the Russian Customs Union (although the parties claimed that this issue was not even brought up for discussion during the talks) and to postpone any deals with the European Union, including the EU-Ukraine Association Agreement. Although the documents signed in Moscow have never been published, the Russian officials repeatedly claimed that the discount is provided by Gazprom as a goodwill gesture and as long as the exact amount of the discount is subject to revision on a quarterly basis, Gazprom may cancel it at any time. And so Gazprom did cancel it - in April the discounts (including the 100 USD discount under the Kharkiv Accords) were scrapped and the price was raised up to USD 485.5 per 1000 cm. The official reason declared by Gazprom is Ukraine’s failure to pay for the gas supplied in 2013 and to pre-pay 100% of the gas supplies in 2014 . In its response to Gazprom Naftogaz refused to pay. After Russia and Ukraine failed to reach a compromise on the gas issue, the parties filed mutual claims to the Stockholm Arbitration Tribunal. On 16 June, Gazprom announced that it was

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invoking a prepayment requirement under the terms of the contract, and ceased deliveries of gas to Ukraine. Naftogaz in turn submitted a claim to the Arbitration Institute seeking establishment of a fair price for the gas supplied to Ukraine by Gazprom.

To resolve the dispute, the arbitration tribunal will likely need to consider the prices established by Gazprom for Naftogaz and the whole mechanism for determining and reviewing the price under the Contract.

pricingAnalysis of the prices in 2009-2013 (see the table above) demonstrates that the “straight price” (i.e. without any discounts) was applied by Gazprom only during Q1 2010. While any other discounts were applicable on the basis of political agreements. For example – 100 USD discount under the Kharkiv Accords was provided by Russia in exchange for extension of the Russia’s lease for naval facilities in Crimea until 2042, with an additional five year renewal option. The low price of USD268.5 was allegedly granted by the Russian President in turn for Ukraine’s commitment not to strengthen the ties with EU and to join the Customs Union instead. Therefore, it seems that all of the mentioned discounts were provided by the Russian Government (not Gazprom itself) to its Ukrainian counterparty (not to Naftogaz, which is a party to the Contract), given that the Gazprom’s discount policy (if any at all) was not guided by the market factors,

but was linked to political triggers.

Moreover, the gas price established for Naftogaz by Gazprom was significantly higher than any prices of the latter established for EU countries. Gazprom, using its own export gas price estimates, published the following data on average prices for the natural gas supplied to EU (VAT, excise and customs duties excluded): in 2009 – USD 235.2 per 1000 cm, in 2010 – USD 244.2, in 2011 – USD 313, in 2012 – USD 325 and in 2013 – USD 304 . Hence, Ukraine was made to pay much more than an average European consumer of Gazprom, although the costs for gas transportation to Ukraine must have been lower in comparison.

price review provisions in the contractThere is no “standard” price review clause in market or legal practice and the scope and effect of its provisions can vary significantly from contract to contract. That notwithstanding, there are some general trends that can be tracked. For example, the parties would usually agree to a possibility to initiate a price review process only on certain occasions and a number of such price reviews is usually limited. The price review provisions of the Naftogaz Contract appear to be out of standard practice in this respect. Based on the text of the Contract published by Ukrainian mass media, one may say that Naftogaz is allowed to initiate a price review at any time during the Contract’s term and there are no limits on the number of times

that it can commence price reviews. Such price review clause may result in frequent revisions of the price, which can be disruptive. Theoretically, Naftogaz is in position to initiate a new price review immediately after the previous one.

Another problem is that the Contract does not explicitly define the “market”, or “market price”. And it is not clear what market data should be relevant in this case. For example, during 2012-13 and starting from April 2014 Ukraine has been importing the so-called “reverse” gas from the EU countries via interconnectors with Poland, Hungary and Slovakia. This “European” gas is transported to Ukraine in the opposite (“reverse”) direction to the flow of Russian gas. According to some reports the prices for this “reverse” gas now vary from USD 340 to USD 385 per 1000cm. Theoretically, the arbitration tribunal could use this external market data to determine a fair market price for natural gas in Naftogaz argument with Gazprom.

russia-Ukraine-eU triangleThe picture of the Naftogaz-Gazprom relations would not be full without mentioning the EU role and the relevant political context. In June Gazprom cut off gas supplies to Ukraine – which means that transporting approximately 15% of the total EU gas demand (80 bcm in 2013) via its own territory, Ukraine no longer receives the gas from Russia for its own consumption and can no longer cope with the peaks in demand from EU by taking the gas out

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of its storages. Yet the winter is coming and remembering the cold winter in 2009 (on January, 7 all Russian natural gas transit via Ukraine were halted as a result of gas dispute between the two parties and was restarted only on January,20) EU is now trying to bring the Ukrainian and Russian sides at the table to agree to an interim deal on the gas price. Only after the relevant documents are signed, the European

countries can have a comfort that the Russian gas supplies to EU would remain stable and reliable this winter. The latest proposal suggested by EU was that Ukraine shall be required to: (1) accept a price of USD 385 per 1000 cm, (2) take no less than 5bcm and (3) pay for the “gas debt” USD 2 billion by the end of October plus USD 1.1 billion before the years end. Obviously such deal does not appear to be the one

preferred by Ukraine. Gas negotiations are still ongoing.

In the meantime Ukraine focused on two main aspects of its energy safety: increase of the ‘reverse flow’ of gas from EU and reduction of gas consumption. Ukraine succeeded in sourcing supplies of natural gas from the EU via Poland, Hungary and Slovakia.

On the other hand it now appears that Ukraine might not even need that much gas as during the previous years. That is why the Ukrainian Government is playing hard. Annexation of Crimea, damage to the energy infrastructure in Donbass and economic slowdown now Ukraine can lead to the fact that Ukraine may needs as much as 17 bcm of gas to live through the winter (in comparison to the imported 28 bcm in 2013) and the trick is that Ukraine has almost collected that volume in its underground gas storage facilities .

* CMS Cameron McKenna has been recognised for its excellence in the Energy and Natural Resources sector in Ukraine and has become the Band 1 law firm in this practice area, according to Chambers Europe 2012-2014. Vitaliy Radchenko, Partner, was also ranked as a Band 1 lawyer with commentators identifying him as “a standout figure for energy law in Ukraine” and “a superb lawyer, instrumental to the practice”.

facts and figures

Year average price of gas comments supplied from russia Usd/1000 cm 2009 260 20% discount is applicable 2010 260 During Q1 2010 the price was applicable 2011 330 without any discounts and amounted to USD305. 2012 424 100 USD discount became applicable starting 2013 413,5 from Q2 2010 by virtue of the so-called “Kharkiv Accords” executed between Ukraine and the Russian Federation Q1 2014 311 Starting from February the gas price was equal to USD268.5 due to the discount provided by the Russian Federation April-May 2014* 485,5 The price without any discounts.

Source: mass media, statistical data published by the Ministry of Economy of Ukraine

* Starting from June, 16 Gazprom halted gas supplies to Ukraine.

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19LegaL aspects

about south stream in serbia

Legally-wise, the main pre-requisites for the implementation of the south stream project in serbia are in place. specific legislation has been adopted to allow for swift and efficient obtainment of the required property rights and necessary real estate permits. still, the construction of the pipeline has not commenced yet – it will apparently be much to geopolitical decision making whether south stream will ever be realized in serbia.

Legal insightMarija Marosan & Djordje Popovic*

Following the Ukrainian crises, EU and US pressure on Bulgaria to abandon the South Stream project and the latest suspension of construction works in Bulgaria, all eyes are now on Serbia – will it give up on South Stream?

Construction of the South Stream gas pipeline has been promoted in Serbia as a project of great economic and geo-strategic importance – a project that would secure Serbia’s gas supply, ensure favorable gas prices, and create job opportunities.

Serbian officials are reassuring that the current Bulgarian abandonment of the South Stream project will not affect the construction works in Serbia – the preparations for the construction are on schedule and there will be no delays.

As we are awaiting to see what will be the fate of the South Stream project, let see where Serbia stands with respect to its section of the South Stream gas pipeline.

The length of the transit pipeline of the Serbian section of the South Stream gas

pipeline is set to be around 422 km. The transit pipeline will branch to Croatia (the length of branch will be 51 km) and Republic of Srpska (branch length of app. 109 km). Also, two compressor stations are planned to be located on the Serbian territory.

how it all startedThe grounds for the construction of South Stream gas pipeline in Serbia were laid down a few years ago - specifically in 2008 - when the Republic of Serbia and Russian Federation signed a bilateral intergovernmental agreement on cooperation in the field of oil and gas industry (the so-called Gas Agreement). The Gas Agreement, among other things, envisaged cooperation and mutual support for the construction of a transnational gas pipeline that would connect Russian Federation and European countries through Black Sea.

The Gas Agreement envisaged that, for the purpose of implementation of the agreed, the Serbian and Russian companies Srbijagas and Gazprom would incorporate a joint entity, whereby the Russian entity would have 51% share

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while Serbian entity would have a 49% share in the newly founded entity. At the same time, it was agreed that the route, capacity, entrance and exit points of the Serbian section of the gas pipeline would be set out by the parties. The Gas Agreement also provided general rules for the development of the gas storage facility in Banatski Dvor – the storage that will be, inter alia, used for storing of Russian gas once the South Stream gas pipeline becomes operational.

In line with the terms of the Gas Agreement, Gazprom and Srbijagas incorporated a Switzerland-based company, South Stream Serbia AG, that subsequently became the sole founder of the Serbian company South Stream doo, the investor of the construction of the Serbian section of the South Stream gas pipeline.

south stream-specific legislationTogether with the establishment of South Stream doo, the Serbian government enacted several pieces of special legislation to facilitate obtainment of the construction permit for the construction of the gas pipeline. To a certain degree, this specific legislation differs from general legal regime applicable to respective legal areas, aiming at an efficient implementation of the South Stream project in Serbia.

spatial planFirstly, the Decree on setting out the spatial plan for the special purpose area of transnational South Stream gas pipeline was adopted in 2012 (and

subsequently amended in 2013). The Spatial Plan set out the route, entrance and exit points of the gas pipeline, rules of construction, and it also listed specific cadastral parcels necessary for the construction of the gas pipeline.

Interestingly, the Spatial Plan outlined the supposed benefits that the Russian Federation and European countries should achieve through the construction of the gas pipeline. The document also emphasized that the South Stream and Nabucco pipeline projects are not competitive to each other, as the gas needs of the European countries are expected to grow. The Spatial Plan even anticipated cooperation between these two systems in the future.

south stream expropriation LawConsidering that, under the Serbian legislation, obtaining the property rights over the land necessary for the construction (through acquisition of ownership, lease or easement right) is one of the preconditions for the issuance of the construction permit, the Serbian Parliament adopted a law setting out special rules for the expropriation of the land necessary for the construction of the South Stream gas pipeline. This South Stream Expropriation Law established the existence of public interest for the expropriation of land necessary for the construction of the gas pipeline and set out the rules for simplified expropriation of such land.

The South Stream Expropriation Law prescribed a simplified procedure and

shorter deadlines for the submissions of interested parties and the rendering of the decisions on expropriation. The most important advantage envisaged by this Law is that the company South Stream doo, as the investor of the construction of the gas pipeline, is allowed to take over the expropriated land even before the fair compensation for the expropriated land is determined and the monies paid to the former owners. However, South Stream doo is obliged to provide evidence (in the form of a bank guarantee) that it has enough funds to compensate former owners for the expropriated land. Also, under the South

According to the Spatial Plan, planning and construction of the South Stream project are based on the following principles:

• sustainable development of energy infrastructure;

• reduction of adverse effect to the environment;

• protection of natural resources, nature and cultural heritage;

• compliance with European standards;

• system stability;

• environmental reliability;

• safety of human lives and property;

• commercial viability.

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Stream Expropriation Law and in line with the provisions of the Spatial Plan, the land necessary for the construction, although mainly agricultural land, is to be considered as construction land and the investor has no obligation to request the change of purpose of the land (from agricultural to construction land) prior to applying for the construction permit.

In addition, the South Stream Expropriation Law mentions that the gas pipeline can be constructed in phases, whereby use permits should be issued for each phase of works. Once all the construction phases are finalized one final use permit (covering) the entire gas pipeline section in Serbia will be issued.

The South Stream Expropriation Law also envisages that all the state authorities are obliged to act expeditiously with respect to the requests and submission of the South Stream doo as the investor of the construction of the gas pipeline. Thus, the South Stream Expropriation Law provides all the conditions for swift and efficient obtainment of required property rights and construction permits (at least as far as administrative requirements are concerned).

and the contractor is…In 2014, South Stream doo conducted a tender for the contractor of the Serbian section of the gas pipeline. The contract was eventually awarded to OAO Centrgaz, member of the Gazprom Group and the contract was executed on 8 July 2014. According to the publicly

available information, Centrgaz will be responsible for design, procurement, construction and installation activities, personnel training and commissioning of the Serbian section of the South Stream gas pipeline. The executed contract reportedly also stipulates that certain percentage of the construction works will be carried out by Serbian construction companies, engaged as sub-contractors. The relevant provision aims at creating additional work opportunities for Serbian construction companies.

According to the latest information, the construction of the Serbian section of the gas pipeline is expected to commence in October 2014. The plan is to have the pipeline finalized and operational by the end of 2017.

non-legal aspects to decideThe main legal pre-conditions for commencement of South Stream implementation in Serbia seem now to be in place. Yet, Serbia is apparently not the only one to ask - it will ultimately be up to the geopolitical decision-making whether the project will indeed be a success story like North Stream or if it will share the fate of Nabucco.

* Djordje Popovic is Senior Attorney - Petrikic & Partneri in cooperation with CMS Reich-Rohrwig Hainz Law Firm (www.cms-rrh.com)

the south stream expropriation Law envisages that there should be three different types of expropriation depending on the intended use of the relevant land (e.g. full expropriation for the construction of compressor stations and other aboveground facilities, partial expropriation for the construction of pipelines, and temporary occupancy of the land needed for the use of construction machinery).

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20Recent Developments in the GReek hyDRocaRbons sectoRthe current legal regime governing the licensing process in the prospecting, exploration and exploitation of hydrocarbons consists of two distinct parts. the first relates to the procedures for allocating rights granted by the Greek state regarding the procedure for (a) prospecting, (b) exploration and (c) exploitation for hydrocarbons. the second part relates to the granting of the licenses and the conclusion of the relevant contract.

legal insightDr. Yannis Kelemenis & Anastasia Pelka, Kelemenis & Co.

The recent international tender relating to hydrocarbon deposits issued by the Greek Ministry of Environment, Energy and Climate Change (YPEKA) has once again brought forward Greece’s efforts to exploit its mineral wealth. These efforts were procedurally redefined by Law 4001/2011, which amended the rather outdated Law 2289/1995 and was intended to modernize the legal framework governing the licensing process for the prospecting, exploration and exploitation of hydrocarbons. Interestingly, Law 4001/2011 introduced the Greek Hydrocarbons Management Company SA (EDEYA S.A) which, in line with EU legislation, set out to manage “the exclusive rights of the Greek Government in the prospecting, exploration and exploitation of hydrocarbons that exist in both onshore and offshore areas in which the Greek State exercises sovereign rights in accordance with the provisions of the UN Convention on the Law of the Sea” (Article 2 of Law 2289/1995, as amended by article 156 of Law 4001/2011).

the legal FrameworkThe current legal regime governing the licensing process in the prospecting,

exploration and exploitation of hydrocarbons consists of two distinct parts. The first relates to the procedures for allocating rights granted by the Greek State regarding the procedure for (a) prospecting, (b) exploration and (c) exploitation for hydrocarbons. The second part relates to the granting of the licenses and the conclusion of the relevant contract. In particular:

procedures for granting rights Rights for the prospecting (involving any suitable method other than drilling) and exploration (involving any suitable method including drilling) for hydrocarbon deposits are granted by way of International Public Tenders, following which the successful bidder signs a contract (in the case of exploration this contract being a lease contract).

Rights for exploitation may be granted by any of the following three processes: (a) Under a tender approved by the Minister of Environment, Energy and Climate Change and published in the Government Gazette and the Official Journal of the European Union. The deadline for the submission of bids is

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specified in the tender and cannot be less than ninety (90) days from the publication in the Official Journal. (b) At the request of any interested person for an area not included in a tender. If the request is accepted, EDEYA S.A. will issue a tender, as approved by the Minister of the Environment, Energy and Climate Change and published in the Government Gazette and the Official Journal of the European Union. The deadline for the submission of bids by any other interested party is specified in the tender and cannot be less than ninety (90) days from the publication in the Official Journal. (c) With an international open door process for expressions of interest, when the region for which a concession is requested is available on an ongoing basis or has been the subject of prior tendering proceedings which did not result in the signing of a lease or of a production distribution contract or relates to an area which has been abandoned by a contractor in cases of rescinding or terminating such contracts. By a notice published in the Government Gazette and in the Official Journal of the European Union, the Minister of Environment, Energy and Climate Change announces

the areas that fall under an open door regime together with the minimum terms for such concessions. Applicants may tender for concession in more than one areas. Bids must be submitted by the last working day of the first and second half of each calendar year. Within (30) thirty days of the end of the semester the Minister announces that the area is no longer available for an expression of interest if the process for concession is under way.

licensing – award of contracts In the lease contract the contractor undertakes to study and prospect for deposits while assuming both the cost and the financial risk. The duration of the contract is seven years for onshore and eight years for offshore areas. In addition, the contractor, as the lessee, is entitled to exploit, produce and sell products, but is obliged to pay royalties either in kind (as a percentage of the production) or in cash. On the contrary, in the distribution – production contract the concessionaire has the role the contractor. Thus, part of the production covers the operating costs and the remainder is distributed at the agreed proportions. The duration of the contract

is 25 years plus two, with the possibility of 5-year extensions.

health, safety and the environmentAt all stages of activities involving the prospecting, exploration and exploitation of hydrocarbons, it is likely that adverse effects on the health of workers and on the environment may arise. In light of this, Law 4001/2011 has introduced articles 11 and 12A, which have established a new strict environmental policy to ensure sustainable exploitation of the natural resources, as well as the safety and environmental protection in compliance with the new guidelines of the European Union following the incident in the Mexico Bay in 2010.

Indeed, provisions are being made for the introduction of (a) best-practice regulations relating to the prospecting, exploration, exploitation, storage and transportation of hydrocarbons and (b) environmental regulations for the protection of flora and fauna, fisheries, navigation, antiquities, historical sites, and places of outstanding natural beauty. It is also provided that until the adoption

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of such regulations, the contracts may provide that the works be performed in accordance with the provisions of similar regulations of other Member States or even third countries.

Additionally, the Minister may request a security deposit for the proper execution of the works, the protection of the environment, and for the safety and health of workers. The amount of the deposit is determined by the Minister following a recommendation of EDEYA S.A. or, alternatively, in accordance with the reserve envisaged in article 10 (3) of Law 4001/2011 for meeting the costs for the removal of the facilities and for restoring any environmental effects.

Interestingly, article 12A (6) of Law 4001/2011 reinforces the so-called Green Energy Fund. To this end, 20% of the annual rent or share of production to which the Greek State or EDEYA S.A. is entitled is deposited with a dedicated bank account of the Green Energy Fund. This account is made available for financing any marine pollution caused by activities of prospecting and production of hydrocarbons and for the protection of the environment from activities

associated with any kind of exploitation or use of energy resources.

Recent initiatives In January 2012 the Greek Government announced a tender for bidding for hydrocarbon deposits in the areas of the Patra Bay, Ioannina and Katakolo and the conclusion of lease contracts for these areas. In May 2013, contracts were awarded to the consortium of ENERGEAN OIL and GAS/Petra for Ioannina, to the consortium of EDISON PETROCELTIC for the Patra Bay, and to the consortium of ENERGEIAN OIL and GAS TRAJANOIL and GAS LTD for the Katakolo area. A few weeks ago, in September 2014, the Greek Parliament ratified these contracts and had them published in the Greek Government Gazette.

Moreover, in the summer of 2014 two new international tenders were launched for the concession of hydrocarbons exploration and exploitation.

The first tender relates to 20 off-shore areas in Western Greece (Ionio) and South of Crete through the open door process. The second relates to the onshore areas of Arta-

Preveza, northwestern Peloponissos and Aitoloakarnania and follows the procedure of the expression of interest by other interested parties. This latter tender resulted from the interest expressed by the Italian energy company Enel in April 2014 for these particular areas. As required by law, the Minister has published the map with the coordinates of interest together with any tendering and contractual requirements and has invited other interested investors. The three sites will be available for bidding for 90 days after the tender’s publication in the Official Journal of the European Union. If no other investor is interested, then the contract will be signed with Enel.

Both international tenders are still incomplete, as the ministerial decisions have been published in the Greek Government Gazette but their publication in the Official Journal of the European Union is still pending. Once this is done, it will trigger the deadline for the submission of proposals by interested parties. It is projected that a period of six months for the submission of proposals will be given.

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21ROMANIAN GAS MARKET

IN THE CONTEXT OF THE UKRAINE CRISIS

Russia meets about a third of the EU’s gas needs and around half of the gas is delivered through Ukraine. It is well known that Ukraine and Russia have had a difficult relationship concerning the gas supply and transit over the last two decades, most recently in 2006, 2009 and 2014. In the context of the current dispute between Ukraine and Russia, the gas supply could be used as a political bargain tool by Russia given that reduced gas deliveries or a shutoff would have severe consequences on the European countries that depend on Russian gas.

Legal insightLoredana Mihailescu*

As a consequence of the Ukraine crisis, gas flow to Romania was cut by 5%, 10% lately, Russia giving no explanations for the respective cut-offs. However, according to the Romania’s Department of Energy press releases, Romanian gas imports are at an extremely low level (0.2 milion cubic meters/ day) while internal production hits an almost double level compared to consumption in this period (31 million cubic meters/day).

Additionally, Romania has in storage facilities about 700 million cubic meters more than the minimum legal storage obligation set by the National Energy Regulatory Authority (“ANRE”) for this year to an amount 1.8 billion cubic meters, with the mandatory injection cycle still in progress. Moreover, presently Romania has an internal production from Petrom and Romgaz of approximately 11 billion cubic meters of gas per year. Therefore, Romania could secure its gas demand from internal sources, if necessary. Furthermore, in case of a long cold winter Romania is prepared to apply alternative solutions such as cutting off the gas fired power plants, reducing the consumption

of major industrial consumers, using alternative fuels, such as fuel oil for some of the thermal power plants.

Given the above, Romania is in a better position than other Central and Eastern European countries in relation to its energy dependence, as most of the gas needed for consumption is internally produced and only a small quantity is imported. By storage and by using alternative supply sources Romania can survive without Russian gas supply through Ukraine. To the other extreme we find all neighbouring countries, respectively Ukraine, Moldova, Hungary, Serbia and Bulgaria, which are almost completely dependent on Russian gas.

For the past few years Romania has made also progress in diversifying its gas supply sources and connecting to neighbouring countries such as Moldova and Bulgaria. For the latter two countries, which are highly dependent on Russian gas, Romanian gas could be an alternative source in the future provided that the Black Sea recent discoveries lead to succesful exploitation of sources.

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However, there is still more to be done by Romania to ensure alternative sources and become an exporter to the neighbouring countries. The interconnection with Hungary through the Arad-Szeged pipeline inaugurated in 2010 to bring gas to Romania which was designed to carry, at maximum capacity, 4.4 billion cubic meters (bcm) of gas per year, the equivalent of a third of Romania’s yearly consumption. The pipeline’s import capacity is of 60,000 m3/hour and its export capacity is of 10,000 m3/h and is due to reach maximum export capacity by 2016 (4.4 billion m3/year). Although exports were due to start in 2014, due to some problems regarding the pipeline crossed over by Somes River, gas exports from Romania towards Hungary may be delayed for a year or more. Transgaz, the national gas transport operator, is concerned with the safety of gas transportation, and is exploring the idea of building a new pipeline in order to avoid further problems. Therefore, if the latter idea is implemented by Transgaz, it is expected that Romania will not transport gas to Western Europe until the end of 2016.

The interconnection with Ukraine from Isaccea and Mediesu Aurit, for which the capacity is reserved starting from 2000 by Gazprom Export Moscow and is used by two companies, Winthershall Switzerland and Imex Oil Cyprus, companies that purchase gas from Gazprom Export and resell it in Romania. The interconnection with Ukraine will have to be rethought so as to provide the means to also export natural gas.

In its effort to reduce its dependency from Russia, Moldova, together with Romania, inaugurated the Iasi – Ungheni pipeline at the end of August 2014. Although, the first deliveries of Romanian gas were supposed to reach Moldova by the start of September 2014, the first delivery has been delayed apparently by the end of the year.

The network connection with Bulgaria, respectively the Giurgiu–Ruse pipeline was supposed to be inaugurated in June 2014 after several other delays, due to some unexpected circumstances related to the section under the Danube River. However, even in the present day the

pipeline is not ready and is expected to be inaugurated by the end of 2014. The Giurgiu-Ruse pipeline will have a maximum length of approximately 25 km, of which 15,4 km on the Bulgarian territory and 5,2 km on the Romanian one, and 4,14 km represents the underground crossing of the Danube River. The import capacity will be of 1,5 billion cubic meters per year and the export one will be of 500 million cubic meters per year. At present, Romania could not benefit of imports from Bulgaria, given the dependency of the latter on Russian gas, and lack of interconnections. However, in the future, if Southstream moves forward and Bulgaria is part of it or if Bulgaria manages to interconnect with the neighbouring countries, exchanges between Romania and Bulgaria could be a solution.

Furthermore, Romania is still working to connect its natural gas transport system to Serbia. The interconnection with the Serbian transmission system will actually diversify the gas supply sources for Romania by providing access to the South Stream pipeline (if built) crossing Serbia, and access to the Croatian LNG facilities.

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Also in the ontext of the geopolitical crises, Romania has obtained recently from the IMF an extension of the gas price deregulation schedule for households on summers. According to the gas market deregulation schedule agreed by the Romanian Government with the International Monetary Fund (IMF) in 2012, the gas price for non-household consumers should have been deregulated by 31 December 2014 and the gas price for household consumers should have been deregulated by 31 December 2018.

However, in light of recent discussions conducted with the IMF, the European Commission and the World Bank, the Romanian Government has adopted in September 2014 legislation regarding the deferral of the gas prices deregulations for household consumers, which according to the previous gas prices deregulation calendar were to be increased by three (3) percent starting on 1 October 2014. Also the Government decided to maintain the gas prices from internal production at the level of June 2014, respectively RON 89,40 for industrial consumers and RON 53,30 for household consumers. Furthermore, the Romanian Government adopted a Government Decision regarding the winter programme 2014-2015, its

primary objectives being the evaluation of the country’s energy consumption from 1 October 2014 to 31 March 2015, in order to ensure a stable and safe functioning of the National Energy System, as well as the levels of the necessary fuel stocks for that period. As a result of the new legislation adopted, the energy and gas law, and the petroleum law were amended so as to reflect the newly enacted provisions, especially the deferral of the gas price deregulation, and maintenance of the gas basket price until 2021 for household consumers.

All of the above demonstrate that Romania is well prepared in the given circumstances to overcome a potential gas crisis this winter. Moreover, Romania is on the right track as regards its energy independence by moving forward with the gas interconnections with almost all neighbouring countries. Provided that the recent major discoveries in the Black Sea prove to be commercial discoveries and lead to production Romania could become a net exporter of gas.

* Loredana Mihailescu – Partner, Energy

Projects & Construction, CMS Cameron

McKenna SCA Law Firm, Bucharest office

In its effort to reduce its dependency from Russia, Moldova, together with Romania, inaugurated the Iasi – Ungheni pipeline at the end of August 2014. Although, the first deliveries of Romanian gas were supposed to reach Moldova by the start of September 2014, the first delivery has been delayed apparently by the end of the year.

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22The Bulgarian energy sTraTegy To 2030 in naTural gasaccording to the european Commission, “Bulgaria has the highest number of problems (in the gas and electricity sector)... being more than twice the eu average”. Those are the main points of the draft “energy strategy to 2030”, which has been prepared in 2014 with the idea to replace the 2011 Bulgarian energy strategy to 2020, mainly in the field of natural gas. But is it really addressing the challenges to the security of gas supplies?

legal insightKostadin Sirleshtov*

In a recent Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of Regions on the Progress towards complementing the Internal Energy Market (COM - 2014 - 634)1 the Bulgarian progress towards achieving the targets in the gas (and electricity) sector is referred to as quite minor given the fact that Bulgaria has not organized a competitive wholesale market of gas and third party access and therefore there is still an outstanding infringement procedure under the Second Energy Package regarding the lack of transparency in conditions for third-party access to the natural gas transmission networks and the lack of adequate system of penalties in the event of breaches of the Gas Regulation.2

Operating in such an environment it is strange that most of these challenges pointed out by the European Commission are not even considered and addressed in the draft Energy Strategy to 2030, which has been prepared in 2014 with the idea to replace the 2011 Bulgarian Energy Strategy to 2020.3

The legal nature of the Bulgarian energy strategies is putting them among the most important policy documents of the country. A very clear sign for this have been the changes made to the Energy Act in 2009 demanding for the review and approval of the documents both by the Bulgarian Government and the Parliament.4 Any follow up legislative act should therefore take into consideration this policy and regulatory document and avoid any potential contradictions. The Energy Strategy in Bulgaria is supposed to be the key policy document to the public authorities’ for laws’ development and the secondary legislation in the country.

The existing Energy Strategy to 20205 is addressing the concerns that Brussels outlined as follows: – expanding gas storage capacity: “We will … look for possibilities for extension of the existing gas storage at Chiren, as well as for building of a new storage at Galata”; – expanding interconnection capacity: “We will make best efforts to build reverse interconnections with Greece, Turkey, Serbia and Romania.”; – organized wholesale market: “Ensuring independence of the gas

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transmission system operators through their unbundling along with the transmission assets ...”; – third-party access: “Unhindered and equal access to the power transmission and gas transmission network”; – regulated prices to be faced out: “Fair prices and better consumer protection”.

On the contrary, the draft Energy Strategy to 2030 is putting aside most of the above matters and describes the situation and the next steps in the sector, as follows: – security of supply: “The country does not have proven resources of oil and gas, which could contribute to its economic development. The production of natural gas from the Black Sea will maintain its current levels. Until 2030 its share to the end-consumption is expected to be 3-4%.” – expanding gas storage capacity: “Substantial increase of the gas storage capacities”, with no reference to the priority of the most feasible options; – expanding the interconnection capacity: “Construction of the interconnectors with the neighbouring countries, which will allow for reaction

with respect to the failures”, while the EU policy is referring to the interconnectors as one of the main instruments for ensuring the security of supply; – third-party access – there is no reference to this main issue that the EU Commission highlights with respect to the achieving the purpose of the Internal Energy market6 apart from a reference to the “real choice of supplier”, which is a partial consequence of the future liberalization.

There is little doubt that there is no other country in the EU, which is in such dependence from third party gas supply with such a strong and largely speculative statement against the exploration of its natural gas resources, as the one

contained in the draft of the Bulgarian Energy strategy to 2030: “The existing in the international practice technology for the exploration of the deposits of shale gas is related to risks for the human health and for the environment. The lack of secure and harmless technology for the exploration of shale gas and the unclear estimates of the economically feasible deposits in Bulgaria are putting this energy resource out of the estimates for local production.” Such a statement clearly contradicts the policy of most of the EU countries and to the EU recommendations. Commission Recommendation of 22 January 2014 on minimum principles for the exploration and production of hydrocarbons (such as shale gas) using high-volume hydraulic fracturing (2014/70/EU) notes the “significant potential benefits of producing shale gas and oil” and “the need to diversify Europe’s energy supply and develop indigenous energy resources to ensure the security of supply, reduce the Union’s external energy dependency and stimulate economic growth”.7

By contrast, an investment project, such as the South Stream pipeline, which has

“if you don’t know where you’re going, you’ll probably end up somewhere else” - David Campbell

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a clear negative outlook in Brussels8 are put on the top of the Bulgarian priorities in the draft Energy Strategy to 2030 in the field of “diversifying the routes and the sources of supply” and so one wonders how this investment project will contribute to the diversification of the sources of supply to Bulgaria.

Last, but not least, one wonders how the high level of domestic use of natural gas envisaged in the draft Energy Strategy of Bulgaria to 2030 is going to be achieved given the price signals that the unliberalized and fully dependent Bulgaria gas supply market is providing to its customers. Even the fact that part of the country has been divided into gas supply regions, which have been tendered and awarded to experienced international contractors, did not bring much benefits and popularity of natural gas as source of energy to the end-customers.

Given the above, it seems that the draft Energy Strategy of Bulgaria to 2030

addresses to a lesser extent the current issues that Bulgaria and the EU are facing in the fields of security of supply, gas storage capabilities, interconnector capabilities, third-party access and alike. Furthermore, given the specific importance of the Energy Strategy of Bulgaria as the founding political document for the development of such an important field, it should be revised ahead of its lifetime just in case of specific issues of importance and just only to address such changed circumstances.

1 http://ec.europa.eu/energy/gas_electricity/doc/2014_iem_communication.pdf.

2 http://ec.europa.eu/energy/gas_electricity/doc/20121115_iem_swd_0368_part2_en.pdf

3 https://docs.google.com/file/d/0BzIfFsCo1Fo0MEhWWXZ1d3hLT0k/edit?pli=1

4 Art. 3 of the Bulgarian Energy Act (as amended and published in State Gazette Issue 103/2009) provides that: “Article 3. (Amended, SG No. 103/2009) (1) The state policy in the energy sector shall be implemented through the National Assembly and the Council of Ministers. (2) The National Assembly shall adopt the Energy Strategy of the Republic of Bulgaria on a motion by the Council of Ministers and by said Energy Strategy the basic objectives, stages, means and methods for the development of the

energy sector shall be defined. (3) The Council of Ministers shall direct the energy sector of the country in line with the Energy Strategy adopted by the National Assembly.”

5 http://www.mi.government.bg/files/useruploads/files/epsp/23_energy_strategy2020%D0%95ng_.pdf.

6 Directive 2009/73/EC of the European Parliament and of the Council of 13 July 2009 concerning common rules for the internal market in natural gas and repealing Directive 2003/55/EC clearly provides that: “(40) The construction and maintenance of the necessary network infrastructure, including interconnection capacity, should contribute to ensuring a stable gas supply.”

7 Furthermore in the same document the EU Commission clearly notes that depending on the results of the Recommendation: “The Commission will decide whether it is necessary to put forward legislative proposals with legally-binding provisions on the exploration and production of hydrocarbons using high-volume hydraulic fracturing.”.

8 In the recent by the European Parliament – http://eeas.europa.eu/delegations/ukraine/press_corner/all_news/news/2014/2014_09_18_01_en.htm it has been clearly stated that:”MEPs call on the EU to regulate third-party businesses in the areas of gas storage, interconnectors and flow-back facilities, and urge the EU countries to cancel planned energy sector agreements with Russia, including the South Stream gas pipeline.”

* Kostadin Sirleshtov – Partner, CMS Cameron McKenna LLP Law Firm, Bulgaria Branch

68 INTERNATIONAL

68 ALBANIA

68 BULGARIA

70 CYPRUS

72 GREECE

74 ROMANIA

78 SERBIA

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23ENERGY DIRECTORY

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INTERNATIONAL

DG Energy-European ComissionDM 2403/73 Rue J.-A. Demot 24, 1040, Brussels, Belgium Tel.: +32 229 92460 Email: address-information@ec.europa.eu www.ec.europa.eu/energy

EWEA80, Rue d’Arlon, B-1040 Brussels, Belgium Tel.: +32 2 213 1811 Email: ewea@ewea.org www.ewea.org/

International Energy Agency (IEA)9, rue de la Fédération, Paris Cedex 15, 75739 Paris-France Tel.: +33 1 40 57 65 00, Fax: +33 1 40 57 65 09 Email: info@iea.org www.iea.org

IRENA - International Renewable Energy AgencyCI Tower, Khalidiyah (32nd) Street Abu Dhabi, United Arab Emirates Tel.: +971 2 4179000 www.irena.org/

IRENA Innovation Technology CentreRobert-Schuman-Platz 3, 53175 Bonn, Germany Tel.: +49 (0) 228 391 79085 www.irena.org/

World Energy CouncilRegency House, 1-4 Warweek Street, 5th floor London, W1B 5LT, United Kingdom Tel.: +44 (0) 207734 5996 www.worldenergy.org

World Wind Energy Association5, Charles-de-Gaulle-Str., 53113 Bonn, Germany Tel.: +49 228 369 40 80 www.wwindea.org

ALBANIA

01. GOVERNMENT INSTITUTIONSMinistry of Energy and IndustryDëshmorët & Kombit Boulevard, 1001 Tirana Tel.: +355 4 22222 45 ext.74111 Email: sekretaria@energjia.gov.al

02. ENERGY COMPANIESAlbpetrol sh.aLagja 29 Marsi Patos Tel./Fax: +342 70 44 14, +342 70 44 13 E-mail: qendra_albp@albpetrol.net www.albpetrol.net

Bankers Petroleum Ltd.Lagjja Kastrioti, Rr. Vasil Pecuke, Fier Tel.: +355 34 220845, Fax +355 34 220850 Email: investorrelations@bankerspetroleum.com www.bankerspetroleum.com

Devoll Hydropower Sh.A. / StatkraftABA Business Centre, Office No. 1204, Papa Gjon Pali II Street, Tirana Tel: +355 4 450 1 450 Email: info@devollhydropower.al

Kurum HoldingRr. Jul Variboba, Nr.1/21, Tirana Tel.: +355 4 229 05 00 Fax: +355 4 229 05 22 E-mail: infoalbania@kurum.com.tr

03. LAW FIRMSCMS Adonnino Ascoli & Cavasola ScamoniRr. Sami Frasheri Red Building, 1001 Tirana Tel.: +335 4 4302123, Fax: +335 4 2400737 Email: marco.lacaita@cms-aacs.com www.cms-aacs.com, www.cmslegal.com

Wolf Theiss AlbaniaEurocol Centre, 4th floor, Murat Toptani Street, 1001 Tirana Tel./ Fax: +355 4 2274 521 Email: sokol.nako@wolftheiss.com www.wolftheiss.com

BULGARIA

01. GOVERNMENT INSTITUTIONSDKEVR8-10 Dondukov Blvd., 1000 Sofia Tel.: +359 2 988 8730, +359 2 9359 621 Email: dker@dker.bg www.dker.bg

Ministry of Economy and Energy8, Slavyanska Str., Sofia 1052 Tel.: +359 2 9407001, +359 2 940 7545 Email: e-docs@mee.government.bg www.mi.government.bg

Nuclear Regulatory Agency69 Shipchenski prokhod Blvd, 1574 Sofia Tel.: +359 2 9406-800 Email: mail@bnra.bg www.bnsa.bas.bg

Parliament Energy Commission 1 Knyaz Alexander I Sq., Sofia Tel.: +359 2 939 39 Email: ratalay@parliament.bg www.parliament.bg

Sustainable Energy Development Agency37 Ekzarh Yosiph Str., 1000 Sofia Tel.: +359 2 915 4012 Email: office@seea.government.bg www.seea.government.bg

2. NON GOVERNMENTAL Association of Producers of Ecological Energy 310 Vladislav Varnenchik Blvd., 9009 Varna Tel.: + 359 52 750 550 Email: info@apee.bg www.apee.bg

Balkan & Black Sea Petroleum Association2 Hristo Belchev Str., 1000 Sofia, Bulgaria Tel.: +359 2 986 06 85 Email: bbspetroleum@bbspetroleum.com www.bbspetroleum.com

BSK16-20 Alabin Str., Sofia 1000 Tel.: + 359 2 980 03 03, +359 2 932 09 28 Email: office@bia-bg.com www.bia-bg.com

Bulatom10 Vihren Str., 1618 Sofia Tel.: +359 2 439 03 02 Email: pr@bulatom-bg.org www.bulatom-bg.org

Bulgarian Chamber of Commerce and Industry9 Iskar Str., Sofia 1058 Tel.: +359 2 987 78 26, +359 2 8117 445 Email: bcci@bcci.bg www.bcci.bg

Bulgarian Photovoltaic Association42 Vitosha Blvd., Floor 2, App. 3, 1000 Sofia Tel.: +359 2 44 222 28 Email: office@bpva.org www.bpva.org

Bulgarian Wind Energy Association 7 Paris Str., 5th Floor, Sofia 1000 Tel.: +359 2 4833820 Email: info@bgwea.org www.bgwea.org

Energy Management Institute 5 Lege Str. 1st Floor, Sofia 1000 Tel.: +359 2 980 07 03, +359 2 950 62 10 Email: emi@emi-bg.com www.emi-bg.com

KRIB8 Han Asparuh Str., 1463 Sofia Tel.: +359 2 981 9169 www.ceibg.bg

PublicsN7, Stefan Karadja Str., Entrance A, floor 5, Sofia 1000 Tel.: +359 879436756 Email: office@publics.bg www.publics.bg

WWF Bulgaria38 Ivan Vazov Street, 2nd fl., 3th ap., 1000 Sofia Tel.: +359 29505040 Email: office@wwfdcp.bg www.wwf.bg

03. ENERGY COMPANIESAEC Kozlodui3321 Kozlodui Tel.: +359 973 7 2020 Email: info@kznpp.org www.kznpp.org/

AESAES Maritza Iztok 1, 72 Lyuben Karavelov Str., Sofia Tel.: +359 42 901 634 Email: peter.lithgow@aes.com www.aes.com

Brikel EADStara Zagora region, 6280 Galabovi Tel.: +359 8122000 www.brikel-bg.com/

Bulgarian Energy Holding16 Vesalec Str., 1000 Sofia Tel.: +359 2 926 38 00 Email: hq@bgenh.com www.bgenh.com

CEZ140 G.S. Rakovski Str., Sofia 1000 Tel.: +359 070010010 Email: cez@cez.bg www.cez.bg

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Contour GlobalContourGlobal Maritsa East 3 TPP, Mednikarovo, Stara Zagora 6294 Tel.: +359-42-663-251 Email: me3@ContourGlobal.com www.contourglobal.com

Dalkia5 Janosh Huniadi Blvd, PO Box 26, Varna Tel.: +359 889311218 Email: mail@dalkia.bg www.dalkia.bg

Energo-pro258 Vladislav Varnenchik Blvd, Varna Towers, Tower G, 9009 Varna Tel.: +359 52 660876 Email: press@energo-pro.bg www.energo-pro.bg

ESOTriaditsa District, 105 Gotse Delchev Blvd., 1404 Sofia Tel.: +359 2 96-96-802 Email: eso@eso.bg www.tso.bg

EVN37 Hristo G. Danov Str., 4000 Plovdiv Tel.: +359 700 1 7777 Email: info@evn.bg www.evn.bg

National Electricity Company 5 Vesalec Str., 1040 Sofia Tel.: +359 2 9263 636, +359 2 986 56 06 Email: nek@nek.bg www.nek.bg

TEC Bobov DolGolyamo Selo vilage, 2600 Bulgaria Tel.: +359 701 50531 www.tecbd.com

TEC Sviloza EAD51 Krastio Sarafov Str., 1 floor, ap 1, 1421 Sofia Tel.: +359 42 615615 Email: office@tpp-svilosa.bg www.tpp-sviloza.bg

Toplophikacia BourgasLozovo District, North Industrial Zone, Heating Plant, 8000 Bourgass Tel.: +359 56 87 11 11 Email: office@toplo-bs.com www.toplo-bs.com

Toplophikacia Pleven128 Eastern Industrial Zone, 5800 Pleven Tel.: +359 64 895 288 www.toplo-pleven.com

Toplophikacia RousseTEC Iztok Str., 7009 Rousse Tel.: +359 82 883311 Email: tecrus@toplo-ruse.com www.toplo-ruse.com

Toplophikacia Sliven23 Stephan Karadja, 8800 Sliven Tel.: +359 44 622 722 Email: toplo@sliven.net http://new.sliven.net/toplo/

TPP Martza Iztok 2 6265 Kovachevo village, Stara Zagora district Tel.: +359 42 66 20 14, +359 42 66 29 19 Email: tec2@tpp2.com www.tpp2.com

04. ALTERNATIVE ENERGYE.Mirolio EADIndustrial Zone, 8800 Sliven Tel.: +359 44612418 Email: miroglio.lana@emiroglio.com www.emiroglio.com

SolarPro Holding7 Sheinovo str., 1504 Sofia Email: office@solarpro.bg www.solarpro.bg

Smart Group35 N.Y.Vapcarov Street, Floor3, ap. 3A, 1407 Sofia Tel.: +359 884 369000, +90 532 566 2753 Email: office@veistroy.com http://smartgroupint.com/

05. OIL & GASBulgargas47 Petar Parchevich Str., 1000 Sofia Tel.: +359 2 935 89 44, +359 2 935 89 88 Email: hq@bulgargaz.bg www.bulgargaz.com

BulgartransgasPOB 3, Housing estate ”Ljulin-2”, 66 Pancho Vladigerov Blvd, Sofia 1336 Tel.: + 359 /2/ 939 63 00 Email: info@bulgartransgaz.bg http://www.bulgartransgaz.bg

Citigas Bulgaria EAD4 Adam Mitskevich Str. Tel.: +359 2 925 9495 Email: sofia@citygas.bg www.citygas.bg/

DEXIA BULGARIA9160 Devnya Industrial Zone Tel.: +359 887077077 Email: pola.naydenova@mail.bg

Direct Petrolium Bulgaria/TransAtlantic16 Arh. J. Milanov str., 1164 Sofia Tel.: +3592 963 3244 Email: info@transatlanticpetroleum.com www.transatlanticpetroleum.com/portfolio/bulgaria

Lukoil42, Todor Alexandrov Blvd, 1303 Bulgaria Tel.: +359 2 91 74 316 Email: office@lukoil.bg www.lukoil.bg

Melrose Resources Bulgaria 32 Marko Balabanov, 9000 Varna Tel.: +359 52 699 556 Email: info@petroceltic.com www.petroceltic.com/

OMV Bulgaria 1, Sofiiski Geroi Str., Sofia 1612 Tel.: +359 2 93 29710 Email: info.bulgaria@omv.com www.omv.bg

Overgaz5 Philip Kutev Str., 1407 Sofia Tel.: +359 2 428 2000 Email: gas@overgas.bg www.overgas.bg

Petrol43, Cherni Vrah Blvd, 1407 Sofia Tel.: +359 2 4960 300 www.petrol.bg

Shell Bulgaria 48, Sitniakovo Blvd, Serdica Office, 8 floor, 1505 Sofia Tel.: +359 2 960 1752 Email: smartbul@shell.com www.shell.bg

Toplivo2, Solunska Str., Sofia 1000 Tel.: +359 2 9333 570 Email: toplivo@toplivo.net www.toplivo.bg

06. MAINTENANCEAtomenergoremontKozloduy NPP site, 3321 Kozloduy Tel.: +359 973 80018 Email: aer@aer-bg.com www.aer-bg.com/

Centralna Energoremontna Baza1 Lokomotiv Str., 1220 Sofia Tel.: +359 2 8105 454 Email: info@cerb.bg http://cerb.bg/

Chimcomplect205, Al. Stamboliyski, Blvd., 1309 Sofia Tel.: +359 2 822 34 60 Email: headoffice@chimcomplect-eng.bg www.chimcomplect-eng.bg

Enemona20 Kosta Lulchev Str., Sofia 1113 Tel.: +359 2 80 54 850 Email: office-sf@enemona.com www.enemona.bg

Energoremont Holding34 Totleben Blvd., 1606 Sofia Tel.: +359 2 8133577 Email: info@erhold.bg www.erhold.bg/bg

Energoremont – Galabovo6280 Galabovo Tel.: +359 418 62086 Email: info@energoremont-bg.com www.energoremont-bg.com

Risk Enegenering10 Vihren Str., Sofia 1618 Tel.: +359 2 8089 702 www.riskeng.bg

07. ELECTRICITY TRAdERSDANS120D, Simeonovsko Shose Blvd, 1700 Sofia Tel.: +359 2 42 100 10 www.dansenergy.eu

EFG10, Vihren Str., Pavlovo distr., Sofia Tel.: + 359 2 892 88 08 Email: office@efg.bg www.efg.bg

EFT19, George Washington Street, 1000 Sofia Tel.: +359 2 439 9010 Email: enquiries@eft-group.net www.eft-group.net

Energy MT8, Bacho Kiro, 1000 Sofia Email: office@emtbg.com www.emtbg.com/

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OET38, Bokar Blvd, 1404 Sofia Tel.: +359 2 854 81 38, +359 894 777846 Email: office.bg@oet-energy.com www.oet-energy.com

08. LAW FIRMSBALMS2, General Totleben Street, floor 4, 1606 Sofia Tel.: +359 2 411 0004 Email: balms@balmsbulgaria.com www.balmsbulgaria.com

Batkov & Assocs.48, Alabin Str., 1000 Sofia Tel.: +359 2 9335611 Email: t.batkov@batkov.com www.batkov.com

CMS Cameron McKenna14, Tzar Osvoboditel Blvd, 1000 Sofia Tel.: +359 897860421 Email: konstantin.sirleshtov@cms-cmck.com www.cms-cmck.com/Sofia-CMS-CMCK-Bulgaria

Tocheva&Mandajieva26, Stoyan Mihaylovski Str., fl. 5, 1164 Sofia Tel.: +359 888584000 Email: tocheva@tmlawoffice.bg www.tmlawoffice.bg

Wolf Theiss 29, Atanas Dukov Str., Rainbow Centre, Sofia 1407 Tel.: +359 2 86 13 700 Email: radoslav.mikov@wolftheiss.com www.wolftheiss.com/index.php/Bulgaria.html

Vladimirov&Kiskinov43, Gen. Eduard Totleben Blvd, Fl.1, At.1, Sofia Tel.: +359 888 15 34 12, +359 2 988 18 28 Email: lawyers@vladimirov-kiskinov.eu www.dvlmp.eu

09. CONSULTANTSEnergeo279 B Tzar Boris III Bd, Sofia 1619 Tel.: +359 2 902 6580 Email: office@energeo.bg http://energeo.bg

10. PRAMI Communications135 B, G.S.Rakovski Str., floor 2, Sofia 1000 Tel.: +359 2 989 5115 Email: office@amic.bg www.amic.bg

D&D54, W. Gladstone Str., 1000 Sofia Tel.: +359 2 866 98 99 Email: office@ddagency.com www.ddagency.com

Ikona43, Nishava Str., Sofia 1680 Tel.: +359 2 958 30 Email: office@icona-bg.com www.icona-bg.com

MARKETOR3A, Nikolay Haytov Str., ESTE Office Building, fl. 1, office 15, 1113 Sofia Tel.: +359 2 423 07 97 Email: valia@marketorbg.com www.marketorbg.com

CYPRUS

01. GOVERNMENT INSTITUTIONSCommission for the Protection of Competition (C.P.C) of the Republic of Cyprus53, Strovolos Ave., 2018 Strovolos, Nicosia Tel.: +357 22 606600 www.competition.gov.cy

Cyprus Association of Renewable Energy Enterprises (SEAPEK)30 Griva Digeni Avenue, 1080 Nicosia Tel.: +357 22 665102 Fax: +357 22 669459 www.seapek.com

Cyprus Chamber of Commerce and Industry38, Griva Digeni Ave. & 3 Deligiorgi Str., Tel.: +357 22 889800 Email: chamber@ccci.org.cy www.ccci.org.cy/

Cyprus Energy Agency10-12 Lefkonos Street, 1011 Nikosia Tel.: +357 22 667716, +357 22 667726 Email: anthi.charalambous@cea.org.cy www.cea.org.cy

Cyprus Energy Regulatory Authority81-83 Griva Digeni Avenue, IAKOVIDI Building, 3rd Floor, 1080 Nicosia Tel.: +357 22 666363 Email: info@cera.org.cy www.cera.org.cy

Cyprus Institute of Energy2 Agapinoros & Arch. Makariou III, Megaro IRIS, 1st Floor, 1076 Nicosia Tel. +357 22 606060 Fax:+357 22 606001/2 E-mail:cie@cytanet.com.cy

Cyprus Transmission System Operator of Electrical Energy68, Evangelistrias Street, CY-2057 Strovolos Tel.: +357 22 611 611 Email: mail@dsm.org.cy www.dsm.org.cy/

Cyprus Organisation for Storage and Management of Oil Stocks (COSMOS)27, Heracleous Str., 2nd floor, Office 203, 2040 Nicosia Tel.: +357 22 81 81 00 Email: info@kodap.org.cy www.kodap.org.cy

Ministry of Agriculture, Natural Resources and EnvironmentLouki Akrita Street, 1411 Nicosia Tel.: +357 22 408305 Email: registry@moa.gov.cy www.moa.gov.cy

Ministry of Energy, Commerce, Industry and Tourism of the Republic of CyprusEnergy Sector 6, Andreas Araouzos Str., CY-1421, Nicosia Tel.: +357 22867100 Email: perm.sec@mcit.gov.cy www.mcit.gov.cy

Ministry of FinanceMichael Karaoli & Gregori Afxentiou, 1439 Nicosia Tel.: +357 22602723 Email: registry@mof.gov.cy www.mof.gov.cy

Ministry of Foreign AffairsPresidential Palace Avenue, 1447 Nicosia Tel: +357 22 651000 Fax: +357 22 661881 Email: info@mfa.gov.cy www.mfa.gov.cy

Natural Gas Public Company (DEFA)13 Limassol Avenue, Demetra Tower, 4th Floor, 2112 Nicosia Tel.: +357 22 761 761 Email: info@defa.com.cy www.defa.com.cy

Presidency of the Republic of CyprusPresidential Palace, 1400 Nicosia Tel.: +357 22 867400 Email: infopresidency.gov.cy www.presidency.gov.cy

02. SEMI GOVERNMENT ORGANIZATIONSElectricity Authority of Cyprus11 Amfipoleos Str., 2025 Strovolos, 1399 Lefkosia Tel.: +357-22 20 10 00 Email: eac@eac.com.cy www.eac.com.cy

03. INSTITUTIONSCyprus Institute of Energy2 Agapinoros & 3 Arch. Makariou, Megaro IRIS, 1st Floor, 1076 Nicosia Tel.: +357 22 606060 Email: cie@cytanet.com.cy www.cie.org.cy

04. AUdIT COMPANIESC.O. Cyprus Opportunity Energy Public Company Limited13, Karaiskakis Str., Limassol 3601 Tel.: +357 25 800441 Email: Info@oilandgas.com.cy www.oilandgas.com.cy

Kyprianidis, Nicolaou & Associates48, Themistoklis Dervis Avenue, Office 401, 1066 Nicosia Tel.: +357 22 756585 Email: info@kyprianides.com www.kyprianides.com/

PRICEWATERHOUSECOOPERS3 Artemidos Avenue, Artemidos Tower, 7th & 8th Floors, CY-6020 Larnaca Tel.: +357 24 555 000 www.pwc.com/cy

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05. LAW FIRMSAntonis Paschalides & CO. LLCMakarios Ave. & Agias Elenis 36, Galaxias Building, Office 502, Nicosia 1061 Tel: +357 22 661 661 www.paschalides.com

Christos M. Triantafyllidis2 Evagorou Str., Irini Megaron, 3rd floor, Office 31-33, 1521 Nicosia www.christriantafyllides.com

Cyprus Legal Answers31 Estias Street, Aradippou, 7041 Larnaka Tel.: +357 99 641265, Fax: +357 22 672 333 Email: info@cypruslegalanswers.com www.cypruslegalanswers.com

Kyriakides & XenofontosTel.: +357 25 352352 Fax: +357 25 352353 www.oilandgaslawyers.eu

06. CONSULTANTSANETEL Larnaca District Development Agency2 Ag. Lazarou Str., 7040 Voroklini Larnaca Tel.: +357 24 815280 Email: info@anetel.com www.anetel.com/

Aspen Trust GroupElia House, 77 Limassol Avenue, 2121 Nicosia Tel.: +357 22 418888 Fax: +357 22 418890 Email: info@aspentrust.com www.aspentrust.com

Aristodemou Nicolas5A, Afxentiou Str., 2ndFloor, CY-1309, Nicosia Email: aristodn@cytanet.com.cy www.nea-consult.com

Cba Conquest Business Advisors176, Athalassis Avenue, CY2025 Strovolos, Nicosia Tel.: +357 22 820800 Email: louismloizou@cba.com.cy www.cba.com.cy/

Envitech Ltd9 Antonis Papadopoulos Str., Paralimni Tel.: +357 23 743440 Email: info@envitech.org www.envitech.org/el

Eurosuccess consulting56 Stavrou Avenue, Karyatides Business Center, Block A2, Office 205, 2035 Strovolos, Nicosia Tel.: +357 22 420110, Fax: +357 22 518248 Email: info@eurosc.eu www.eurosc.eu/

Hiteco Ltd33, Egyptou Str., 3087 Limassol Tel.: +357 25 870634 Email: design@hiteco-eng.com www.hiteco-eng.com

Kassinis International ConsultingCentennial Building, Office 101 48, Themistokli Dervi Street, 1066 Nicosia Tel.: +357 22 663280 Fax: +357 22 669469 Email: info@kassinis-consulting.com www.kassinis-consulting.com

ServPRO Accoutants & Business Consultants28, Kennedy Avenue, Office 401, 1087 Nicosia Tel: +357 22 021100, Fax: +357 22 757566 E-Mail: info@servpro.com.cy www.servpro.com.cy

Shipcon Limassol Ltd5, Spyrou Kyprianou Street, Makedonias Court, office 401, 4001 Mesa Geitonia, Limassol Tel.: + 357 25 334250, Fax: +357 25 255262 E-mail: info@shipcon.eu.com shipcon.eu.com

Value Creation Consulting Ltd13A, Iras Street, 1061 Nicosia Tel.: +357 22 100206 Email: info@valuecreation.com.cy www.valuecreation.eu/

07. OIL & GASA.M.K. EcoLeaf Ltd - ENERGY MANAGEMENT SYSTEMS15, Dodekanisou Str., Anthoupoli, Nicosia 2302 Tel.: +357 22 720670 Email: info@amkgroup.eu www.ecoleaf.eu/

BP Eastern Mediterranean LtdDekhelia Rd, 6301 Larnaca Tel.: +357 24 812849 Email: Pambos.Lambrou@ec1.bp.com

Employers & Industrialists Federation2, Acropoleos Ave. & Glafkou Str., 1511 Nicosia Tel.: +357 22 66 51 02 Email: info@oeb.org.cy www.oeb.org.cy/home

Eni Cyprus Ltd81-83, Grivas Digenis Avenue, 1090 Nicosia Tel.: +357 22 503232, Fax: +357 22 503001 Email: christiano.salino@eni.com

Exxonmobil Cyprus Inc6 Ag. Prokopiou Str., Eggomi, Nicosia Tel.: +357 22 393101

Gulf Agency Company Limited83, Franklin Roosevelt Av., Limassol Tel: +357 25 209100, Fax: +357 25 209201 Email: cyprus@gac.com www.gac.com/cyprus

Hellenic Petroleum Cyprus Ltd3, Ellispontou Str., 2015 Strovolos Tel.: +357 22 477000 www.eko.com.cy

Intergaz LtdDhekelia Rd, 6303 Larnaca Tel.: +357 24 821 666 Email: info@intergaz.com.cy http://intergaz.com.cy/

Lanitis Green Energy Group Ltd107B Nicou Pattichi Str., 3070 Limassol Tel.: +357 25 822314 www.lgeg.com.cy

Lukoil Cyprus Ltd11, Limassol Ave., 5th Floor, 2112 Aglanja, Nicosia Tel.: +357 70001000, Email: lukoil@lukoil.com.cy www.lukoil.com.cy/

Noble Energy International ltd.73, Metochiou Street, 2407 Egnomi, Nicosia Tel.: +357 22 449190, Fax: +357 22 449208 Email: jztomich@nobleenergyinc.com www.nobleenergyinc.com

OAG Offshore Rentals East Med LtdTel.: +357 97 884535 Email: info@oageastmed.com www.oageastmed.com

PETROLINA1, Kilkis Str., 6015 Larnaca Tel.: +357 24 848000 Email: info@petrolina.com.cy www.petrolina.com.cy/

PPT Aviation Services Ltd1, Kilkis Str., 6015 Larnaca Tel.: +357 24 620885

SynergasDhekelia Rd, 6303 Larnaca Tel.: +357 24 635286

Total G&P Cyprus48, Themistocli Dervi, 5th floor, 1066 Nicosia Tel.: +357 22 202806, Fax: +357 22 202801 Email: jean-luc.porcheron@total.com total.com

08. ELECTRICITYFALCON ELECTRICITY POWER135, Omonoias Ave, 8th floor, 3045 Limassol Tel.: +357 25 028560 Email: info@falconelectricity.com http://falconelectricity.com/

ΔΕΗ Quantum EnergyTel.: +357 22 792200 Email: info@dei-quantumenergy.com www.dei-quantumenergy.com

09. CENTRAL HEATINGLAKO241, Protaras Avenue, 5311 Paralimni Tel.: +357 23 821939, Email: info@lako.com.cy www.lako.com.cy/

A.N.T. METALLOFABRICA LTD6 Rodionos K. Riga, Ag. Athanasios Industrial Estate Tel.: +357 25 724820 Email: info@metallofabrica.com www.metallofabrica.com/

Narkissos AirconCorner Makarious Ave. & Theodorou Potamianou www.narkissoscy.com/articles/view/home

PANARIS & ASSOCIATES ELECTROTHERM LTD42 Gregoris Afxentiou Str., Ayios Dometios, Nicosia Tel.: +357 22 783090 Email: panaris@spidernet.com.cy www.panaris.com.cy

iClima LtdOffice 1D, 16, August Str., 1040 Nicosia Tel.: +357 22 43 43 43 Email: iclima@mtnmail.com.cy www.iclima.com.cy

Build Shield8 Oidipodos Str., 6058 Larnaca Tel.: +357 24 102 830 Email: info@build-shield.com http://build-shield.com/

Aristides S. Air Control Services Ltd1, 28th October Ave, Block C, Office 208, 2414 Egkomi Tel.: +357 22 444660 Email: info@aristidesaircontrol.com www.aristidesaircontrol.com/

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Terza Solar Power22, Archiepiskopou Kyprianou Str. Tel.: +357 24 664532 Email: terzasolarpower@gmail.com , info@solarpowercyprus.com www.terzasolarpower.com

MTV WATER SERVICES146, Vasileos Kon/nou, Shop 1,2 Tsirio, Limassol 3080 Tel.: +357 25 389155 Email: info@mtvwaterservices.com www.mtvwaterservices.com

CHR SKARPARIS LTD 22, Mixalakopoulou Str., 1685 Nicosia Tel.: +357 22 764308 Email: skarpa@cytanet.com.cy www.skarparis.com

10. ALTERNATIVE ENERGYA.S.G. Solar Technologies Ltd28, Kinyras Street, Shop A, 8011 Paphos Tel.: 7777 7652, Fax +357 26 822 513 Email: solartech@cytanet.com.cy

Aeoliki Ltd41, Themistokli Dervi Street, 1066 Nicosia Tel.: +357 22 875707 Fax: +357 22 757778 Email: info@aeoliki.com www.aeoliki.com

Energy Sequel3, Costa Loizou Street, Latsia, 2222 Nicosia Tel: +357 96 276761 E-mail: energysequel@gmail.com www.energysequel.com

Ergo Energy47, 28th October Street, 2414 Engomi - Nicosia Tel.: +357 22 505404 Email: pharconides@ergohomegroup.com www.ergoenergy.com.cy

Neon Energy41-43, Sp. Kyprianou Avenue, 6051 Larnaca Tel.: +357 24 636004, Fax: +357 24 636012 Email: info@neonenergy.com.cy www.neonenergy.com/en/cyprus

Save Electricity Solutions4, Elenis Loizidou Street, 2042 Strovolos, Nicosia Tel.: +357 99 905645 Fax: +357 22 540277 Email: info@save-electricity.com.cy www.save-electricity.com.cy

11. PRGnora2, Agathokleous Street, 2000 Strovolos Tel.: +357 22 441922, Fax: +357 22 519743 Email: george@gnora.com www.gnora.com

MarketwayMarketway Building, 20, Karpenisiou Street, 1077 Nicosia Tel.: +357 22 391000, Fax: +357 22 391150 Email: ngavrielides@marketway.com.cy www.marketway.com.cy

12. EdUCATION INSTITUTESLevantine Training Centre5, Spyrou Kyprianou Street, Makedonias Court, Office 401, 4001 Limassol Tel.: +357 25 334250 Fax: +357 25 255262 Email: ltc@shipcon.eu.com www.levantinetrainingcentre.com

GREECE

01. GOVERNMENT INSTITUTIONSMinistry of Environment, Energy and Climate Change (YPEKA)17, Amaliados Str., 115 23 Athens Tel.: +30 213 1515000, Fax: +30 210 6447608 Email: info@ypeka.gr www.ypeka.gr

Public Gas Corporation S.A. (DEPA)92, Marinou Antipa Ave., 141 21 Heraklion Tel: +30 210 2701000, Fax: +30 210 2701010 Email: pr@depa.gr www.depa.gr

Hellenic Transmission System Operator (DESMIE)72 Kastoros Str.,185 45 Piraeus Tel.: +30 210-9466700, Fax: +30 210-9466766 Email: contact@desmie.gr www.desmie.gr

Independent Power Transmission Operator (ADMIE)89 Dyrrachiou Str., 104 43 Athens Tel.: +30 210-5192281 Fax: +30 210-5192504 Email: info@admie.gr www.admie.gr

Hellenic Gas Transmission System Operator S.A. (DESFA)357-359, Messogion Ave., 152 31 Chalandri Tel.: +30 210 6501200, Fax: +30 210-6749504 Email: desfa@desfa.gr www.desfa.gr

Greek Atomic Energy Commission (GAEC)Patriarhou Grigoriou & Neapoleos, P.O Box 60092, 153 10 Agia Paraskevi Tel.: +30 210-6506700 , Fax: +30 210-6506748 Email: info@eeae.gr www.eeae.gr

Hellenic Electricity Distribution Network Operator S.A. (DEDDIE)20, Perraivou & 5 Kallirrois Str., 117 43 Athens Tel./Fax: +30 210-9281698 Email: infodeddie@deddie.gr www.deddie.gr

Centre for Renewable Energy Sources and Saving (KAPE) 19th km Marathonos Ave, 19009 Pikermi Tel.: +30 210-6603300, Fax: +30 210-6603301 Email: cres@cres.gr www.cres.gr

Regulatory Authority for Energy (RAE) 132, Pireos Str., 118 54 Athens Tel.: +30 210-3727400, Fax: +30 210-3255460 Email: info@rae.gr www.rae.gr

Foundation for Economic and Industrial Research11, Tsami Karatasou Str., 117 42 Athens Tel.: +30 210-9211200, Fax: +30 210-9228130 Email: info@iobe.gr www.iobe.gr

02. NON GOVERNMENTALInstitute of Energy For South-East Europe (IENE)3, Alex. Soutsou Str., 106 71 Athens Tel.: +30 210-3628457 Fax: +30 210-3646144 Email: secretariat@iene.gr www.iene.gr

Operator of Electricity Market S.A.72, Kastoros Str., 185 45 Piraeus Tel.: +30 211-880700, Fax: +30 211-8806766 Email: info@lagie.gr www.lagie.gr

03. FEdERATIONS - UNIONSFederation of Hellenic Recycling & Energy Recovery Industries57, Ethnikis Antistaseos Str., 152 31 Halandri Tel.: +30 210-6931 011, Fax: +30 210-6931012 Email: info@sevian.gr www.sevian.gr

Hellenic Federation of Enterprises (SEB)5, Xenofontos Str., 105 57 Athens Tel.: +30 211 5006000, Fax: +30 210 3222929 Email: info@sev.org.gr www.sev.org.gr

04. ASSOCIATIONSHellenic Association for the Cogeneration of Heat and Power7, Ioustinianou Str., 114 73 Athens Tel.: +30 210 8219118, Fax: +30 210-8821917 Email: hachp@hachp.gr www.hachp.gr

Hellenic Association of Independent Power ProducersEmail: info@haipp.gr www.haipp.gr

Hellenic Association of Photovoltaic Energy Producers (SPEF)3, Dimokratias Str., 151 21 Pefki Tel./Fax: +30 210-6854035 Email: info@spef.gr www.spef.gr

Hellenic Association of Photovoltaic Investors (PASYF) 1, Archimidous Str., Nea Alikarnassos, 716 01 Iraklio Creta Tel./Fax: +30 2821-078409 Email: info@pasyf.gr www.pasyf.gr

Hellenic Biofuels & Biomass Association (SBIBE)4, Ioanni Tsalouchidis Str., 542 48 Thessaloniki Tel.: +30 2310 330501, Fax: +30 2310 330502 Email: info@sbibe.gr www.sbibe.gr

Hellenic Petroleum Marketing Companies Association46, Ionos Dragoumi Str., 115 28 Athens Tel.: +30 210 7291050, Fax: +30 210-7245172 Email: info@seepe.gr www.seepe.gr

Hellenic Small Hydropower Association (HSHA)23, Agias Lavras Str., 141 21 Iraklio Tel.: +30 210-2811917, Fax: +30 210-2837372 Email: info@microhydropower.gr www.microhydropower.gr

Hellenic Union of Industries Consumers of Energy (UNICEN) 57, Ethnikis Antistaseos Str., 152 31 Halandri Tel.: +30 210-6861489, Fax: +30 210-6283496 Email: info@unicen.gr www.unicen.gr

Hellenic Wind Energy Association (HWEA) ELETAEN306, kifissias Ave., 1st Floor, 152 32 Athens Tel./Fax: +30 210-8081755 Email: eletaen@eletaen.gr www.eletaen.gr

Greek Association of RES Electricity Producers85, Mesogion Str., 115 26 Athens Tel.: +30 210- 6968418, Fax: +30 210-6968031 Email: info@hellasres.gr www.hellasres.gr

Greek Biomass Association (HELLABIOM)150, Andrea Papandreou Avenue, 165 61 Glifada Tel.: +30 210 9652031, Fax: +30 210-9652081 Email: info@hellabiom.gr www.hellabiom.gr

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05. ELECTRICITYElpedison Energy8-10, Sorou Str., Building C, 151 25 Marousi Tel.: +30 211-2117400, Fax: +30 210-3441255 Email: info.energy@elpedison.gr www.elpedison.gr

Heron S.A.85, Mesogion Ave., 115 26 Athens Tel.: +30 213-0333000, Fax: +30 210-6968690 Email: info@heron.gr www.heron.gr

M&M Gas5-7, Patroklou Str., 151 25 Marousi Tel.: +30 210-68777300, Fax: +30 210-6877400 Email: info@mytilineosgroup.gr www.mytilineos.gr

Protergia S.A.8, Artemidos Str., 151 25 Marousi Tel.: +30 210-3448300, Fax: +30 210-3448471 Email: dinos.benroubi@protergia.gr www.protergia.gr

Public Power Corporation S.A. (DEH)30, Halkokondili Str., 104 32 Athens Tel.: +30 210-5230301, Fax: +30 210-5237727 Email: info@dei.com.gr www.dei.gr

06. FUELSAegean S.A.10, Akti Kondili Str., 185 45 Piraeus Tel.: +30 210-4586000, Fax: +30 210-4586241 Email: info@aefeanoil.gr www.aegeanoil.gr

Avinoil S.A.12A, Herodou Attikou Str., 151 24 Marousi Tel.: +30 210-8093500 Fax: +30 210-8093555 Email: info@avinoil.gr www.avinoil.gr

BP Elliniki S.A. Petroleum26, Kifissias Av. & 2, Paradissou Str., 151 25 Marousi Tel.: +30 210-6887777, Fax: +30 210-6887697 Email: info@bp.com www.bp.com

Coral S.A.12A, Herodou Attikou Str., 151 24 Marousi Tel.: +30 210-9476000, Fax: +30 210-9476500 Email: info@coralenergy.gr www.coralenergy.gr

Coral Gas (Hellas)26-28, G. Averof Str., 142 32 Perissos Tel.: +30 210-9491000, Fax: +30 210-9407987 Email: info@coralgas.gr www.coralgas.gr

Cyclon Hellas S.A.124, Megaridos Avenue, 193 00 Aspropyrgos Tel.: +30 210-8093900, Fax: +30 210-8093999 Email: info@cyclon.gr www.cyclon.gr

Eko AEBE8, Chimaras Str., 151 25 Marousi Tel.: +30 210-7705201, Fax: +30 210-7705847 Email: info@eko.gr www.eko.gr

Elinoil S.A.33, Pigon Str., 145 64 Kifissia Tel.: +30 210-6241500 Fax: +30 210-6241509 Email: info@elinoil.gr www.elin.gr

Eteka S.A.142, Dimokratias Avenue, 188 63 Perama Tel.: +30 210-4022401, Fax: +30 210-4415879 Email: info@eteka.com www.eteka.com.gr

Hellenic Fuels S.A.8, Chimaras Str., 151 25 Marousi Tel.: +30 210-6887111 Fax: +30 210-6887100 Email: info_hellenicfuels@helpe.gr www.hellenicfuels.gr

Hellenic Petroleum Group (ELPE)8A, Chimaras Str., 151 25 Marousi Tel.: +30 210-6302000 Fax: +30 210-6302510 Email: info@helpe.gr www.helpe.gr

Mamidoil-Jetoil S.A.27, Evrota & Kiphissou Str., 145 64 Kifissia Tel.: +30 210-8763100, Fax: +30 210-8055850 Email: lenam@jetoil.gr www.jetoil.gr

Motor Oil Gas S.A.12A, Herodou Attikou Str., 151 24 Maroussi Tel.: +30 210-8094000, Fax: +30 210-8094444 Email: info@moh.gr www.moh.gr

Revoil S.A.5, Kapodistriou Str., 166 72 Vari Tel.: +30 210 8976000, Fax: +30 210 8972137 Email: info@revoil.gr www.revoil.gr

07. OIL & GASCopelouzos Group209, Kifissias Avenue, 151 24 Marousi Tel.: +30 210-6141106-115 Fax: +30 210-6140371-2 Email: info@copelouzos.gr www.copelouzos.gr

Energean Oil & Gas32, Kifissias Ave. Atrina Center, 17th floor 151 25 Marousi Tel.: +30 210-8174200, Fax: +30 210-8174299 Email: info@energean.com www.energean.com

EPA Attikis11, Sof. Venizelou Ave. & Serron Str., 141 23 Lykovrisi Tel.: +30 210-3406000, Fax: +30 210-3406060 Email: info@aerioattikis.gr www.aerioattikis.gr

EPA Thessalias219, Farsalon Str., 413 35 Larissa Tel.: +30 2410-582300, Fax: +30 2410-582323 Email: info@epathessalia.gr www.epathessalia.gr

EPA Thessalonikis 256, Monastiriou Str. & 7, Glinou Str. 546 28 Thessaloniki Tel.: +30 2310-584000, Fax: +30 2310-500577 Email: info@epathessaloniki.gr www.epathessaloniki.gr

Prometheus Gas 209, Kifissias Avenue, 151 24 Marousi Tel.: +30 210-6141106 Fax: +30 210-6140371 Email: info@copelouzos.gr www.copelouzos.gr

Trans Adriatic Pipeline AG Greece, BranchAthens Tower, 21st Floor, 2-4, Messogion Avenue 115 27 Athens Tel.: +30 210-7454613 Fax: +30 210-7454300 Email: tapgreece@tap-ag.com www.trans-adriatic-pipeline.com/gr

08. ALTERNATIVE ENERGYABB13th klm National Road Athinon-Lamias 144 52 Metamorfosi Tel.: +30 210-2891500, Fax: +30 210-2891599 Email: abb@gr.abb.com www.abb.gr

Big Solar 100, Nato Avenue, 193 00 Aspropyrgos Tel.: +30 210-5509090, Fax: +30 210-5594559 Email: info@bigsolar.gr www.bigsolar.gr

Biosar Energy Aktor-Ellaktor25, Ermou Str., 145 64 Kifissia Tel.: +30 210-8185200, Fax: +30 210-8185201 Email: biosar@biosar.gr www.biosar.gr

EDF EN Hellas120 ,Vas. Sofias Avenue, 115 26 Athens Tel.: +30 210-6462079, Fax: +30 210-6431420 Email: een@eenhellas.gr www.edf-energies-nouvelles.com

Enteka2, Tichis Str., 152 33 Chalandri Tel.: +30 210-6816803 Fax: +30 210-6816460 Email: enteka@enteka.gr www.enteka.gr

Gamesa9, Adrianiou Str., 115 25 Athens Tel.: +30 210-6753300, Fax: +30 210-6753305 Email: gehellas@gamesacorp.com www.gamesacorp.com

Mechatron226, Kifissias Avenue, 152 31 Chalandri Tel.: +30 210-6899314 Fax: +30 210-6899314 www.mechatron.eu

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PPC Renewables S.A.3, Kapodistriou Str., 153 43 Ag. Paraskevi Tel.: +30 211-2118000, Fax: +30 211-2118089 Email: info@ppcr.gr www.ppcr.gr

Rokas Renewables S.A.3, Rizareiou Str., 152 33 Chalandri Tel.: +30 210-8774100, Fax: +30 210-8774111 Email: info@rokasgroup.gr www.rokasrenewables.gr

Schneider Electric Greece19th klm National Road Athinon-Lamias 146 71 Nea Erithrea Tel.: +30 210-6295200, Fax: +30 210-6295210 Email: gr-info@schneider-electric.com www.schneider-electric.gr

Silcio38-40, Kapodistriou Avenue, 151 23 Marousi Tel.: +30 210-6848506 Fax: +30 210-6838215 Email: info@silcio.gr www.silcio.gr

SMA Solar Technology AG 102, V.Tsitsani Str., 166 75 Glifada Tel.: +30 210-9856660, Fax: +30 210-9856670 Email: Info@SMA-Hellas.com www.SMA-Hellas.com

Solar Cells Hellas64, Kifissias Avenue & Premetis Str., 151 25 Marousi Tel.: +30 210-9595159, Fax: +30 210-9537618 Email: info@schellas.gr www.schellas.gr

Terna Energy S.A.85, Messogion Avenue, 115 26 Athens Tel.: +30 210-6968300 Fax: +30 210-6968096 Email: info@terna-energy.com www.terna-energy.com

09. LAW FIRMSKelemenis & Co. Law Firm5, Tsakalof Str., Melathron Centre, 106 73 Athens Tel.: +30 210-3612800 Fax: +30 210-3612820 Email: enquiries@kelemenis.com www.kelemenis.com

Metaxas Law154, Asklipiou Str., 114 71 Athens Tel.: +30 210-3390748 Fax: +30 210-3390749 Email: info@metaxaslaw.gr www.metaxaslaw.gr

Rokas International Law Firm25 & 25A, Boukourestiou Str., 106 71 Athens Tel.: +30 210-3616816 Fax: +30 210-3615425 Email: athens@rokas.com, m.todorovic@rokas.com www.rokas.com

10. CONSULTANTS Asprofos Engineering S.A.284 El. Venizelou Ave., 176 75 Kallithea Tel.: +30 210-9491600, Fax: +30 210-9191610 Email: etsapra@asprofos.gr www.asprofos.gr

Consolidated Contractors Company 62B Kifissias Avenue, PO Box 61092, 151 10 Maroussi Tel.: +30 210-6182000, Fax: +30 210-6199224 Email: nsaid@ccc.gr www.ccc.gr

11. EMBASSIES Embassy of Boulgaria33A, Stratigou Kallari Str., 154 52 P. Psychiko Tel.: +30 210-6748105, Fax: +30 210-6748130 Email: Embassy.Athens@mfa.bg www.mfa.bg

Embassy of Canada4, Ioannou Gennadiou Street, 115 21 Athens Tel.: +30-210-7273400 Fax: +30-210-7273480 Email: athns@international.gc.ca www.canadainternational.gc.ca/greece-grece/

Embassy of Cyprus16, Irodotou Str., 106 75 Athens Tel.: +30 210-3734800, Fax: +30 210-7258886 Email: cyempkl@hol.gr www.mfa.gov.cy

Embassy of France7, Vas. Sofias Ave., 106 71 Athens Tel.: +30 210-3391000, Fax: +30 210-3391009 Email: ambafran@hol.gr www.ambafrance-gr.org

Embassy of Germany3, Karaoli & Dimitriou Str., 106 75 Athens Tel.: +30 210-7285111, Fax: +30 210-7285335 www.athen.diplo.de

Embassy of Israel1, Marathonodromon Str., 154 52 P. Psychiko Tel.: +30 210-6705500, Fax: +30 210-6705555 Email: pr@athens.mfa.gov.il embassies.gov.il

Embassy of Romania7, Emmanouil Benaki Str., 154 52 P. Psychiko Tel.: +30 210-6728875, Fax: +30 210-6728883 Email: secretariat@romaniaemb.gr atena.mae.ro

Embassy of the Russian Federation 28, Nikiforou Lytra Str., 154 52 P. Psychiko Tel.: +30 210-6725235, Fax: +30 210-6749708 Email: embraf@otenet.gr www.greece.mid.ru

Embassy of Ucraine2, Stephanou Delta Str., 152 37 Filothei Tel.: +30 210-6800230, Fax: +30 210-6854154 Email: emb_gr@mfa.gov.ua greece.mfa.gov.ua

Embassy of United States Of America91, Vas. Sofias Ave., 101 60 Athens Tel.: +30 210-7212951, Fax: +30 210-7212951 Email: AthensAmEmb@state.gov athens.usembassy.gov

12. CHAMBERS American-Hellenic Chamber of Commerce109-111, Messoghion Ave., 115 26 Athens Tel.: +30 210-6993559, Fax: +30 210-6985686 Email: info@amcham.gr www.amcham.gr

Greek-German Chamber10-12, Dorileou Str., 115 21 Athens Tel.: +30 210-6419000, Fax: +30 210-6445175 Email: ahkathen@mail.ahk-germany.de griechenland.ahk.de

Union of Hellenic Chambers 6, Akadimias Str., 106 71 Athens Tel.: +30 210-3387104, Fax: +30 210-3622320 Email: info@acci.gr www.acci.gr

13. INdUSTRY Mytilineos Group5-7, Patroklou Str., 151 25 Maroussi Tel.: +30 210-6877300, Fax: +30 210-6877400 Email: info@mytilineos.gr www.mytilineos.gr

Hellenic Halyvourgia86A, Othonos & Kokkota Str., 145 61 Kifissia Tel.: +30 210-6283400, Fax: +30 210-8015614 Email: info@hlv.gr www.hlv.gr

Allouminion Ellados8, Artemidos Str., 151 25 Maroussi Tel.: +30 210-3693000, Fax: +30 210-3693108 Email: info@alhellas.gr www.alhellas.com

Metka Group8, Artemidos Str., 151 25 Maroussi Tel.: +30 210-2709200, Fax: +30 210-2759528 Email: info@metka.gr www.metka.com

Elemka8, Artemidos Str., 151 25 Maroussi Tel.: +30 210-8117000, Fax: +30 210-8117070 Email: info@elemka.gr www.elemka.gr

ROMANIA

01. GOVERNMENT INSTITUTIONSANAR-National Agency Romanian Water6, Edgar Quinet Street, 010018, Sector 1, Bucharest Tel.: +4 021 312 2174 Email: relatii_cu_publicul@rowater.ro www.rowater.ro

ANRE-National Energy Regulator3, Constantin Nacu Street, 020995, Sector 2, Bucharest Tel.: +4 021 327 8174 Email: anre@anre.ro www.anre.ro

Competition Council Romania1, Piata Presei Libere, building D1, 013701, Sector 1, Bucharest Tel.: +4 021 318 1198 Email: presedinte@consiliulconcurentei.ro www.consiliulconcurentei.ro

Constanta County Council51, Tomis Avenue, 900725, Constanta Tel.: +4 0241 488 404 Email: consjud@cjc.ro www.cjc.ro

Environment Protection Agency Constanta23, Unirii Street, Constanta Tel.: +4 024 154 6596 Email: office@apmct.anpm.ro apmct.anpm.ro

Mayor of Corbu38, Principala Street, Corbu, Constanta County Tel.: +4 024 176 5100 Email: secretariat@primariacorbu.ro www.primariacorbu.ro

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National Agency for Mineral Resources36-38 Mendeleev Str., 010366, Sector 1, Bucharest Tel.: +4 021 313 2204 Email: namr@namr.ro www.namr.ro

Nuclear Agency & Radioactive Waste21-25 Mendeleev Str., 010362, Sector 1, Bucharest Tel.: +4 021 316 8001 Email: contact@nuclearagency.ro www.agentianucleara.ro

Romanian Government1 Victoriei Square, 011791, Sector 1, Bucharest Tel.: +4 021 314 3400 Email: drp@gov.ro www.gov.ro

Romanian Ministry of Economy152 Victoriei Avenue, 010096, Sector 1, Bucharest Tel.: +4 021 202 5426 Email: dezbateri_publice@minind.ro www.minind.ro

Romanian Ministry of Environment and Climate Changes12 Libertatii Avenue, Sector 5, Bucharest Tel.: +4 021 408 9500 Email: srp@mmediu.ro www.mmediu.ro

Romanian Ministry of Regional Development17 Apolodor Street, North side, Sector 5, Bucharest Tel.: +4 037 211 1409 Email: info@mdrap.ro www.mdrap.ro

02. NON GOVERNMENTACUE-Association of Energy Utilities Companies54B, Nordului Road, 014104, Sector 1, Bucharest Tel.: +4 021 230 3265 Email: office@acue.ro www.acue.ro

AFEER-The Association of Electricity Suppliers in Romania7-9, Tudor Stefan Street, 1st floor, ap 2, 011655, Sector 1, Bucharest Tel.: +4 021 230 6031 Email: office@afeer.ro www.afeer.ro

APER-Romanian Energy Policy Association13, 13 Septembrie Road, 050711, Sector 5, Bucharest Tel.: +4 021 411 9829 Email: aper@aper.ro www.aper.ro

CNR-CME-Romanian National Comitee of World Energy Council1-3, Lacul Tei Avenue, 020371, Sector 1, Bucharest Tel.: +4 021 211 4155 Email: ghbalan@cnr-cme.ro www.cnr-cme.ro

CRE-Romanian Energy Center16-18, Hristo Botev Ave, 030236, Sector 2, Bucharest Tel.: +4 021 303 5741 Email: office@crenerg.org www.crenerg.org

EURISC Romania82-84, Mihai Eminescu Street, B entrance, ap. 19, Sector 2, Bucharest Tel.: +4 021 212 2102 Email: eurisc@eurisc.org www.eurisc.org

Foreign Investors Council Romania11, Ion Campineanu Street, 3rd floor, Sector 1, 010031, Bucharest Tel.: +4 021 222 1931 Email: office@fic.ro www.fic.ro

Greenpeace CEE Romania18 Ing. Vasile Cristescu Str., 021985, Sector 2, Bucharest Tel.: +4 031 435 5743 Email: info.romania@greenpeace.org www.greenpeace.org

Institute for Studies and Hydropower - ISPH SA293 Vitan Road, 031293, Sector 3, Bucharest Tel.: +4 021 314 7270 Email: info@isph.ro www.isph.ro

ISPE-Institute for Energetical Studies and Design1-3, Lacul Tei Avenue, 20371, Sector 2, Bucharest Tel.: +4 021 210 1095 Email: office@ispe.ro www.ispe.ro

Petroleum Club of Romania38, Dragos Voda Street, ap. 1, 020747, Sector 2, Bucharest Tel.: +4 031 102 0605 Email: petroleumclub@petroleumclub.ro www.petroleumclub.ro

Romania Energy Center319, Calarasilor Road, 030622, Sector 3, Bucharest Tel.: +4 031 432 8737 Email: energy@roec.ro www.roec.ro

Romania Photovoltaic Industry Association58-60, Gheorghe Polizu Street, Sector 1, Bucharest Email: office@rpia.ro www.rpia.ro

Romanian Association of Biomass and Biogas (ARBIO)37, Putul lui Zamfir Street, 4th floor, 011684, Sector 1, Bucharest Tel.: +4 021 308 6271 Email: office@arbio.ro www.arbio.ro

Romanian Black Sea Titleholders Association169A, Floreasca Road, building A, office 2099, Sector 1, Bucharest

Romanian Electricity Suppliers Association7-9, Tudor Stefan Street, ap. 2, 011655, Sector 1, Bucharest Tel.: +4 021 230 6031 Email: office@afeer.ro www.afeer.ro

Romanian Wind Power Association17 C.A. Rosetti Street, office 216, Sector 2, Bucharest Email: contact@rwea.ro www.rwea.ro

03. ENERGY COMPANIESCEZ Romania2B, Ion Ionescu de la Brad Street, 1st floor, 013813, Sector 1, Bucharest Tel: +4 021 269 2566 Email: office@cez.ro www.cez.ro

E.ON Romania12 Justitiei Street, 540069, Targu Mures, Mures County Tel.: +4 0265 200 366 Email: office.eero@eon-romania.ro www.eon.com

Electrica Furnizare S.A.1A, Stefan cel Mare Road, 011736, Sector 1, Bucharest Tel.: +4 021 208 5999 Email: office@electricafurnizare.ro www.electrica.ro

Enel Romania127, Giurgiului Road, 04066, Sector 4, Bucharest www.enel.ro

GDF SUEZ Energy Romania4-6, Marasesti Avenue, 040254, Sector 4, Bucharest Tel.: +4 021 301 2000 www.gdfsuez.ro

General Electric Romania169A, Floreasca Street, 014472, Sector 1, Bucharest Tel.: +4 0372 074 517 Email: adrianamirela.mircea@ge.com www.ge.com

Hidroelectrica S.A.15-17, Ion Mihalache Avenue, 011171, Sector 1, Bucharest Tel.: +4 021 303 2500 Email: secretariat.general@hidroelectrica.ro www.hidroelectrica.ro

InterAgro1-3, Verii Street, 011971, Sector 2, Bucharest Tel.: +4 021 210 3700 Email: office@interagro.ro www.interagro.ro

Monsson Group Romania158, Mamaia Avenue, 900534, Constanta Tel.: +4 0241 550 353 Email: office@monsson.eu www.monsson.eu

Nuclearelectrica S.A.65, Polona Street, 010505, Sector 1, Bucharest Tel.: +4 021 203 8200 Email: office@nuclearelectrica.ro www.nuclearelectrica.ro

Renovatio Trading S.R.L.55, Primaverii Avenue, Sector 1, Bucharest Tel.: +4 021 318 2010 Email: office@renovatiotrading.ro www.renovatiotrading.ro

Termoelectrica S.A.1-3, Lacul Tei Avenue, Sector 2, Bucharest Tel.: +4 021 303 7305 Email: office.economic@termoelectrica.ro www.termoelectrica.ro

Transelectrica2-4, Olteni Street, 030786, Sector 3, Bucharest Tel.: +4 021 303 5822 Email: office@transelectrica.ro www.transelectrica.ro

Verbund Romania31-33, Carol Avenue, Bucharest Tel.: +43 (0)50313-53744 Email: florian.seidl@verbund.com www.verbund.com

Vestas Romania11-15, Tipografilor Str., Building B3, 013714 Bucharest Tel.: +4 031 403 3099 Email: vestas-romania@vestas.com www.vestas.com

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04. OIL & GASAggreko7A, Centura Avenue, Tunari, Ilfov 077180 Tel.: +4 031 405 2208 Email: office.romania@aggreko.ae www.aggreko.com

Chevron Romania Exploration and Production3-5, Presei Libere Square, City Gate South Tower, 013702, Sector 1, Bucharest Tel.: +4 021 207 6110 www.chevron.ro

Exxon Mobil Romania169A, Floreasca Road, building A, 014472, Sector 1, Bucharest www.exxonmobileurope.com

Gas Plus75-77, Buzesti Street, 7th floor, 011013 Bucharest Email: info@gasplus.it www.gasplus.it

GSP-Petroleum Services Group97, Pipera - Tunari Str., 077190 Voluntari, IIfov Tel.: +4 0372 080 243 Email: sales@gspoffshore.com www.gspoffshore.com

Lukoil Romania6, Elena Vacarescu Str., 020271, Sector 1, Bucharest Tel.: +4 021 227 2106 Email: office@romania.lukoil.com www.lukoil.ro

MOL Romania4-6, Daniel Danielopolu Avenue, Sector 1, Bucharest Tel.: +4 021 204 8500 www.molromania.ro

OMV Petrom22, Coralilor Str., Petrom City, Sector 1, 013329 Bucharest Tel.: +4 021 402 2201 Email: office@petrom.com www.petrom.com

Petro Ventures4, Constantin Daniel Street, Sector 1, Bucharest Tel.: +4 0721 936 235 Email: office@ijdelea.ro

Petroceltic Ireland3, Ermil Pangratti Street, ap. 4, Sector 1, Bucharest Tel.: +353 1 421 8300 Email: info@petroceltic.ie www.petroceltic.com

Petrolexportimport SA72, Unirii Avenue, building J3C, Sector 3, Bucharest Tel.: +4 021 318 8459 Email: office@petex.ro www.petex.ro

PetromarConstanta Harbour, Berth 34, 900900, Constanta Tel.: +4 0241 555 255 Email: valeriu.irimioiu@petromar-resources.ro

PETROTEL - LUKOIL S.A.235, Mihai Bravu Street, Ploiesti, Prahova County Tel.: +4 0244 504 000 Email: office@petrotel.lukoil.com www.lukoil.ro

Romgaz S.A.4, Constantin Motas Square, 551130, Medias, Sibiu County Tel.: +4 0269 201 020 Email: secretariat@romgaz.ro www.romgaz.ro

Rompetrol3-5, Presei Libere Square, City Gate Building, Northern Tower, Sector 1, Bucharest Tel.: +4 021 303 0800 Email: office@rompetrol.com www.rompetrol.ro

Sterling Midia Resources11-13, Andrei Muresanu Street, 011841, Sector 1, Bucharest Tel.: +4 021 231 3256 Email: info@sterling-resources.com www.sterling-resources.com

Upetrom Group Romania97, Pipera-Tunari Street, 077190, Voluntari, Ilfov County Tel.: +4 021 308 0200 Email: office@upetrom.com www.upetrom.com

05. GAS dISTRIBUTIONDistrigaz Sud Retele S.R.L.4-6, Marasesti Avenue, 040254, Sector 4, Bucharest www.distrigazsud-retele.ro

Transgaz1, Constantin Motas Square, 551130 Medias, Sibiu County Tel.: +4 0269 803 333 Email: cabinet@transgaz.ro www.transgaz.ro

06. COALOltenia Energetical Complex5, Alexandru Ioan Cuza Str. Targu Jiu, Gorj County Tel.: +4 0253 205 401 Email: office@ceoltenia.ro www.ceoltenia.ro

Romanian National Coal Company S.A.2, Timisoara Street, 332015, Petrosani, Hunedoara County Tel.: +4 0254 506 100 Email: office@cnh.ro www.cnh.ro

07. EqUIPMENT ANd MAINTENANCEABB S.R.L.169A, Floreasca Road, building A1, 014459, Sector 1, Bucharest Tel.: +4 0372 158 200 www.abb.com.ro

Adrem Invest20A, Aleea Alexandru, 011823, Sector 1, Bucharest Tel.: +4 021 233 5920 www.adrem.ro

Alstom Romania63-69, Iacob Felix Street, Premium Plaza building, 12 floor, 011033, Sector 1, Bucharest Tel.: +4 021 306 9500 www.alstom.com/alstom-worldwide

Ansaldo Nucleare SPA - Romania65, Dacia Avenue, ap. 2, 010405, Sector 1, Bucharest Tel.: +4 021 211 3991 Email: villabruna@ansaldo.ro www.ansaldonucleare.it

CONDMAG S.A.52, Avram Iancu Street, 500075, Brasov Tel.: +4 0268 414 954 Email: condmag@condmag.ro www.condmag.ro

Egnatia Rom65, Sf. Maria Street, 011495, Sector 1, Bucharest Tel.: +4 021 208 2934 Email: egnatia.rom@egnatia-rom.com www.egnatia-rom.ro

Energheia Group Romania SRL34, IC Bratianu Avenue, 6th floor, ap.16, Sector 3, Bucharest Tel.: +4 031 432 9031 Email: info@energheiaitalia.it www.energheiagroup.it

ICME ECAB SA 42, Drumul intre Tarlale Street, 032982, Bucharest Tel.: +4 021 209 0111 Email: Bucharest@icme.vionet.gr www.cablel.ro

Luxten76, Parang Street, 012328, Sector 1, Bucharest Tel.: +4 021 668 8819 Email: office@luxten.com www.luxten.com

RIG Service SA18, Marc Aureliu Street, nr. 18, 900744, Constanta Tel.: +4 0241 586 406 Email: office@rig-service.com www.rig-service.com

Romenergo242-246, Floreasca Road, Sector 1, Bucharest Tel.: +4 021 233 0771 Email: office@romenergo.ro www.romenergo.ro

Schneider Electric Romania11, Dinu Vintila Street, Euro Tower, 1st floor, 021101, Sector 2, Bucharest Tel.: +4 021 203 0606 Email: ro-csc@ro.schneider-electric.com www.schneider-electric.ro

Siemens Romania24, Preciziei Street, West Gate Park, Building H3, 062204, Sector 6, Bucharest Tel.: +4 021 629 6400 Email: siemens.ro@siemens.com www.cee.siemens.com

Smart Solar30, A. S. Puskin Street, Sector 1, Bucharest Tel.: + 4 0758 110 110 Email: romania@smart.com.tr www.smart-solar.eu

TIAB S.A.17, Pictor Verona Street, Sector 1, Bucharest Tel.: +4 021 302 1230 Email: office@tiabsa.ro www.tiab.ro

08. LAW FIRMSBiris Goran77, Emanoil Porumbaru Street, 011424, Sector 1,Bucharest Tel.: +4 021 260 0710 Email: office@birisgoran.ro www.birisgoran.ro

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Bostina si asociatii70, Jean Louis Calderon Street, 020039, Sector 2, Bucharest Tel.: +4 021 319 4466 Email: office@bostina.eu www.bostinalawyers.eu

Bulboaca si Asociatii31, Vasile Lascar Str., 020492, Sector 2, Bucharest Tel.: +4 021 408 8900 Email: office@bulboaca.com www.bulboaca.com

Clifford Chance Badea28-30, Academiei Str., 010016, Sector 1, Bucharest Tel.: +4 021 666 6100 Email: daniel.badea@cliffordchance.com www.cliffordchance.com/people_and_places/places/europe/romania.html#

CMS Cameron McKenna211-15, Tipografilor Str., B3-B4, Sector 1, Bucharest Tel.: +4 021 407 3800 Email: gabriel.sidere@cms-cmck.com www.cms-cmck.com

Dentons28C, C. Budisteanu Street, 010775, Sector 1, Bucharest Tel.: +4 021 312 4950 Email: anda.todor@dentons.com www.dentons.com

DLA Piper89-97, Grigore Alexandrescu Street, East Wing, 1st Floor, 010624, Sector 1, Bucharest Tel.: +4 0372 155 800 Email: bucharest@dlapiper.com www.dlapiper.com

IK Rokas&Partners45, Polona Street, Sector 1, Bucharest Tel.: +4 021 411 7405 Email: bucharest@rokas.com www.rokas.com

Kinstellar Romania8-10, Nicolae Iorga Str., 010434, Sector 1, Bucharest Tel.: +4 021 307 1619 Email: daniel.torsher@kinstellar.com www.kinstellar.com

Musat & Associates43, Aviatorilor Avenue, 011853, Sector 1, Bucharest Tel.: +4 021 202 5900 Email: musat@musat.ro www.musat.ro

NNDKP1A, Bucharest-Ploiesti Road, Entrance A, 013681, Sector 1, Bucharest Tel.: +4 021 201 1200 Email: office@nndkp.ro www.nndkp.ro

PeliFilip169A, Calea Floreasca Road, Building B, 014459, Sector 1, Bucharest Tel.: +4 021 527 2000 Email: office@pelifilip.com www.pelifilip.com

Popovici, Nitu & Associates239, Dorobanti Road, 010567, Sector 1, Bucharest Tel.: +4 021 317 7919 Email: office@pnpartners.ro www.pnpartners.ro

RTPR Allen&Overy15, Charles de Gaulle Square, nr. 15, 011857, Sector 1, Bucharest Tel.: +4 031 405 7777 Email: bucharest@rtprallenovery.com www.allenovery.com

Schoenherr & Associates30, Dacia Avenue, 010413, Sector 1, Bucharest Tel.: +4 021 319 6790 Email: office.romania@schoenherr.eu www.schoenherr.eu

Serban&Musneci Associates54, Mircea Zorileanu Street, Sector 1, 012056, Bucharest Tel.: +4 021 222 4478 Email: office@serbanmusneci.ro www.serbanmusneci.ro

Tuca Zbarcea & Associates4-8, Nicolae Titulescu Avenue, America House, West Wing, 011141, Sector 1, Bucharest Tel.: +4 021 204 8890 Email: office@tuca.ro www.tuca.ro

Voicu si Filipescu26-28, Stirbei Voda Street, etaj 5, 010113, Sector 1, Bucharest Tel.: +4 021 314 0200 Email: office@vf.ro www.voicufilipescu.ro

Wolf Theiss58-60, Gheorghe Polizu Street, 011062, Sector 1, Bucharest Tel.: +4 021 308 8100 Email: bryan.jardine@wolftheiss.com www.wolftheiss.com

09. EdUCATION INSTITUTESOil&Gas University Ploiesti39, Bucuresti Ave., 100680, Ploiesti, Prahova County Tel.: +4 0244 573 171 Email: rectorat@upg-ploiesti.ro www.upg-ploiesti.ro

Romanian Academy125, Victoriei Road, 010071, Sector 1, Bucharest Tel.: +4 021 212 8651 Email: moancea@acad.ro www.acad.ro

Valahia University18-20, Unirii Av., 130082, Targoviste, Dambovita County Tel.: +4 0245 206 101 Email: rectorat@valahia.ro www.valahia.ro

10. PR COMPANIESAction Pr35 Alexandru Constantinescu Str., 1st floor, Bucharest Tel.: +4 021 224 2270 Email: ruxandra.s@actionprgroup.com www.actionprgroup.com

Aegis Media Central Services (AMCS)11, Grigore Mora Str., 011885,Sector 1, Bucharest Email: razvan.varabiescu@aemedia.com www.aemedia.com

AMICOM39, Louis Pasteur Str., 050534, Sector 5, Bucharest Tel.: +4 031 228 4437 www.amicom.ro

Centrade Saatchi & Saatchi133, Serban Voda Street, building D+E, 040205, Sector 4, Bucharest Tel.: +4 031 730 0600 Email: mona.opran@saatchi.ro www.saatchi.com

GMP PR4, Teodor Stefanescu Street, Sector 3, Bucharest Tel.: +4 021 212 1992 Email: office@gmp.ro www.gmp.ro

GolinHarris17, Ceasornicului Street, 014111, Sector 1, Bucharest Tel.: +4 021 301 0051 Email: office.bucharest@golinharris.com www.golinharris.ro

Grayling PR9, Maltopol Street, 011047, Sector 1, Bucharest Tel.: +4 021 335 5547 Email: Cristi.Cretzan@grayling.com www.grayling.com

Media Investment3, Praga Street, 011801, Sector 1, Bucharest Tel.: +4 021 206 2200 Email: office@mediainvestment.ro www.mediainvestment.ro

OMD55, Floreasca Road, Grand Offices Building, 014453, Sector 1, Bucharest Tel.: +4 021 222 1091 Email: romania@omd.com www.omd.com

Pi231, Primaverii Avenue, Bucharest Tel.: +4 021 232 0325 Email: office@pi2.ro www.pi2.ro

Premium PR23, Eroilor Sanitari Av., 050471, Sector 5, Bucharest Tel.: +4 021 411 0152 Email: office@premiumpr.ro www.premiumpr.ro

The Group3, Praga Street, 011801, Sector 1, Bucharest Tel.: +4 021 206 2200 Email: office@thegroup.ro www.thegroup.ro

Total PR68, Basarabia Avenue, 4th floor, Sector 2, Bucharest Tel.: +4 031 437 0110 Email: contact@totalpr.ro www.totalpr.ro

V+O Communication40, Hristache Pitarul Street, 011626, Sector 1, Bucharest Tel.: +4 021 231 9195 Email: office@vando.ro www.vando.ro

11. EMBASSIESCanadian Embassy in Romania1-3, Tuberozelor Street, 011411, Bucharest Tel.: +4 021 307 5000 Email: bucst@international.gc.ca www.canadainternational.gc.ca/romania-roumanie

Greek Embassy in Romania-Commercial Office1-3, Pache Protopopescu Avenue, 021403, Sector 2, Bucharest Tel.: +4 021 210 0748 Email: ecocom-bucharest@mfa.gr www.mfa.gr/bucharest

United Arab Emirates Embassy in Romania4, Modrogan Alley, 011826, Sector 1, Bucharest Tel.: +4 021 231 7676 Email: amb@uaeembassy.ro www.uae-embassy.ae

USA Embassy in Romania4-6, Dr. Liviu Librescu Str., 015118, Sector 1, Bucharest Tel.: +4 021 200 3300 Email: infobuch@state.gov romania.usembassy.gov

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12. BANKSBanca Romaneasca11 Dinu Vintila Street, Euro Tower Building, Sector 2, Bucharest Tel.: +4 021 305 9000 Email: office@brom.ro www.banca-romaneasca.ro

Erste Group Banca Comerciala Romana5, Regina Elisabeta Ave, 030016, Sector 3, Bucharest Tel.: +4 021 407 4200 Email: contact.center@bcr.ro www.bcr.ro

ING Bank Romania48, Iancu de Hunedoara Avenue, 011745, Sector 1, Bucharest Tel.: +4 021 222 1600 Email: contact@ing.ro www.ing.ro

International Finance Corporation (IFC)31, Vasile Lascar Street, UTI building, 020491, Sector 2, Bucharest Tel.: +4 021 201 0311 Email: amihaescu@ifc.org www.ifc.org

Piraeus Bank Romania34-36, Carol I Avenue, Sector 2, Bucharest Tel.: +4 021 303 6969 Email: office@piraeusbank.ro www.piraeusbank.ro

Raiffeisen Bank S.A.246C, Calea Floreasca Road, Sky Tower, 014476, Sector 1, Bucharest Tel.: +4 021 306 3002 Email: centrala@raiffeisen.ro www.raiffeisen.ro

Romanian International Bank67, Unirii Avenue, Building G2A, Section 1 & 2, Sector 3, Bucharest Tel.: +4 021 318 9515 Email: office@roib.ro www.roib.ro

The European Bank for Reconstruction and Development (EBRD)56-60, Iancu de Hunedoara Avenue, Metropolis Center, West Wing, Sector 1, Bucharest Tel.: +4 021 202 7100 www.ebrd.com

The European Investment Bank (EIB)31, Vasile Lascar Street, 020492, Sector 2, Bucharest Tel.: +4 021 208 6400 Email: Bucharest@eib.org www.eib.org

13. INVESTORSCapital Partners56, Dacia Avenue, 010407, Sector 2, Bucharest Tel.: +4 031 225 1000 Email: office@capitalpartners.ro www.capitalpartners.ro

Enterprise Investors36, Stirbei Boda Street, Domus Center, 010113, Bucharest Tel.: +4 021 314 6685 Email: info@ei.com.ro www.ei.com.pl

Maison Economique - Ubifrance- Roumanie11, Nicolae Lorga Street, 010432, Sector 1, Bucharest Tel.: +4 021 305 6780 Email: bucarest@ubifrance.fr www.ubifrance.com

14. AUdITDeloitte Romania4-8, Nicolae Titulescu Road, Est entrance, 0111141, Sector 1, Bucharest Tel.: +4 021 222 1661 www.deloitte.com

Ernst & Young63-69, lacob Felix Street, Premium Plaza, 011033, Sector 1, Bucharest Tel.: +4 021 402 4000 Email: office@ro.ey.com www.ey.com

KPMG69-71, Bucharest-Ploiesti Road, Victoria Business Park DN1, 013685, Sector 1, Bucharest Tel.: +4 0372 377 800 Email: kpmgro@kpmg.ro www.kpmg.com

15. FUEL ANd LUBRICANTSENI Romania S.R.L.169A Floreasca Road, Building A, Sector 1, Bucharest Tel.: +4 0316 206 300 www.eni.com

16. CHAMBERS OF COMMERCEBucharest Chamber of Commerce and Industry CCIB2, Octavian Goga Avenue, 030982, Sector 3, Bucharest Tel.: +4 021 319 0114 Email: drc@ccir.ro www.ccir.ro

Constanta Chamber of Commerce185A, Alex. Lapusneanu Ave, 900457, Constanta Tel.: +4 024 161 9854 Email: office@ccina.ro www.ccina.ro

Romania-France Chamber of Commerce21, Poet Andrei Muresanu Street, 011841, Sector 1, Bucharest Tel.: +4 021 317 1062 Email: ccifer@ccifer.ro www.ccifer.ro

17. IMFInternational Monetary Fund7, Halelor Street, 030118, Sector 3, Bucharest Tel.: +4 021 311 5833 Email: ldragan@imf.org www.fmi.ro

18. ENERGY TRAdERSFreepoint Commodities157-197 Buckingham Palace Road, SW1W 9SP, London, UK Tel.: +44 (0)203 262 6000 Email: londonoffice@freepoint.com www.freepoint.com

Grivco SA1B, Garlei Str., Grivco Building, 013721, Bucharest Tel.: +4 021 301 9700 Email: grivco@grivco.ro www.grivco.ro

SERBIA

01. GOVERNMENT INSTITUTIONSAgency for Environmental Protection27a Ruze Jovanovica, Belgrade Tel: +381 11 2861 065, Fax: +381 11 2861 077 Email: office@sepa.gov.rs www.sepa.gov.rs

Commission for Protection of Competition7 Kneginje Zorke Street, Belgrade Tel: +381 11 381 1911 Fax: +381 11 381 1936 Email: office.kzk@kzk.gov.rs www.kzk.org.rs

Energy Agency of the Republic of Serbia5 / V Terazije Street, Belgrade Tel: +381 11 3033 829 Fax: +381 11 3225 780 Email: aers@aers.rs www.aers.rs

European Integration Office34 Nemanjina Street, Belgrade Tel: +381 11 3061-100, 3061-102, 3061-103 Fax: +381 11 3061-110 Email: office@seio.gov.rs www.seio.gov.rs

Ministry of Agriculture and Environmental Protection22-26 Nemanjina Street, Belgrade Tel: +381 11 260-79-60, +381 11 3612-197 Fax: +381 11 260-79-61 Email: office@minpolj.gov.rs www.mpt.gov.rs

Ministry of Construction, Transport and Infrastructure22-26 Nemanjina Street, Belgrade Tel: +381 11 3614-652, Fax: +381 11 3616- 521 Email: pr@ms.gov.rs www.ms.gov.rs

Ministry of EconomyKneza Milosa 20, Belgrade Tel: +381 11 3642-600 Fax: +381 11 3642-705 Email: press@privreda.gov.rs www.privreda.gov.rs

Ministry of Mining and Energy22-26 Nemanjina Street, Belgrade Tel: +381 11 3604-403 Fax: +381 11 3616-603 Email: kabinet@mre.gov.rs www.merz.gov.rs

Ministry of Public Administration and Local Self-Government10 Vlajkoviceva Street, Belgrade Tel: +381 11 333-4105 Fax: +381 11 333-4181 Email: kabinet@mrrls.gov.rs www.mrrls.gov.rs

02. NON GOVERNMENTALDSW - Deutsch-Serbische Wirtschaftsvereinigung / German-Serbian Business Association19-21 Toplicin venac, Belgrade Tel: +381 11 2028 010 Fax: +381 11 3034 780 Email: dsw@ahk.rs http://serbien.ahk.rs

Foreign Investors Council 47 / IV Jevremova Street, Belgrade Tel: +381 11 3281 958 Email: office@fic.org.rs www.fic.org.rs

79

National Alliance for Local Economic Development – NALED30 / VII Makedonska Street, Belgrade Tel: +381 11 337 3063 Fax: +381 11 337 3061 Email: naled@naled-serbia.org www.naled-serbia.org

Serbian Chamber of Commerce13-15, Resavska Street, Belgrade Tel: +381 11 3300 900 Fax: +381 11 3230 949 Email: info@pks.rs www.pks.rs

Serbian Environment Energy Centre (SEEC)48, Vojvode Stepe Street, Obrenovac Tel: +381 69 10 19 488 Email: office@seec.rs

Serbian Wind Energy Association (SEWEA)6, Dure Jaksica Street, Belgrade www.sewea.rs

03. ENERGY COMPANIESCentar7, Slobode Street, Kragujevac Tel: + 381 34 37 00 83, Fax: + 381 34 37 01 56 Email: direktor@edcentar.com www.edcentar.com

Drinsko-Limske Hidroelektrane1, Trg Dusana Jerkovica Street, Bajina Basta Tel: + 381 31 8636 59, Fax: + 381 31 8643 54 Email: mijodrag.citakovic@dlhe.rs www.dlhe.rs

Elektromreza Srbije11, Kneza Milosa Street, Belgrade Tel: +381 11 3330 700, Fax: + 381 11 32 39 908 Email: kabinet@ems.rs www.ems.rs

Elektrovojvodina100, Oslobodenja Boulevard, Novi Sad Tel: + 381 21 527 030, Fax: + 381 21 422 847 Email: bogdan.laban@ev.rs www.elektrovojvodina.rs

Elektrodistribucija Beograd1-3, Masarikova Street, Belgrade Tel: + 381 11 3616 706, Fax: + 381 11 3616 641 Email: zoran.rajovic@edb.rs www.edb.rs

Elektrosrbija5, Dimitrija Tucovica Street, Kraljevo Tel: + 381 36 3 21 686, Fax: + 381 36 3 21 958 Email: Srdjan.Djurovic@Elektrosrbija.rs www.elektrosrbija.rs

EPS Obnovljivi Izvori2, Carice Milice Street, Belgrade Tel: + 381 11 2024 828, Fax: + 381 11 2629 489 Email: aleksandar.vlajcic@eps.rs www.eps.rs

EPS Snabdevanje2, Carice Milice Street, Belgrade Tel: +381 11 6556 747 Fax: + 381 11 655 6757 Email: kabinet@eps-snabdevanje.rs www.eps-snabdevanje.rs

Hidroelektrane Derdap1, Trg kralja Petra Street, Kladovo Tel: + 381 19 801 651, Fax: + 381 19 801 659 Email: goran.knezevic@djerdap.rs www.djerdap.rs

HIP Petrohemija82, Spoljnostarcevacka Street, Pancevo Tel: +381 13 307 000, Fax: +381 13 310 207 Email: info@hip-petrohemija.rs www.hip-petrohemija.rs

JP Srbijagas12, Narodnog fronta Street, Novi Sad Tel: +381 21 481 2703 Fax: +381 21 481 1305 Email: kabinet@srbijagas.com www.srbijagas.com

Jugoistok46a, Zorana Dindica Boulevard, Nis Tel: + 381 18 51 85 00 Fax: + 381 18 53 33 15 Email: kabinet@jugoistok.com www.jugoistok.com

NIS a.d. Novi Sad (Petroleum Industry of Serbia)12, Narodnog fronta Street, Novi Sad Email: office@nis.eu www.nis.eu

Panonske Te-To100, Oslobodenja Boulevard, Novi Sad Tel: + 381 21 527 785 Fax: + 381 21 661 49 44 Email: zoran.ivancevic@panonske.rs www.panonske.rs

Rudarski Basen Kolubara1, Svetog Save Street, Lazarevac Tel: + 381 11 8123 130 Fax: + 381 11 8123 210 Email: milorad.grcic@rbkolubara.co.rs www.rbkolubara.co.rs

South Stream12, Narodnog Fronta Street, Novi Sad Tel: +381 21 210 1323 www.south-stream.info/

Termoelektrane Nikola TeslaBogoljuba Urosevica Crnog, Obrenovac Tel: + 381 11 2054 501, Fax: + 381 11 8755 500 Email: cedomir.ponocko@tent.rs www.tent.rs

Termoelektrane I Kopovi Kostolac5-7, Nikole Tesle Street, Kostolac Tel: + 381 12 5388 01, Fax: + 381 12 5387 11 Email: kabinet@te-ko.rs www.te-ko.rs

04. ALTERNATIVE ENERGYContinental Wind Serbia23, Resavska Street, Belgrade Tel: +381 11 785 0020 Email: serbia@continentalwind.com www.continentalwind.com

Electrawinds-S6, Vladimira Popovica Street, Belgrade Tel: +381 11 660 0955 www.electrawinds.be

Energo Green115E, Mihajla Pupino Boulevard, Belgrade Tel: +381 11 353 9522 Email: ivan.stanisavljevic@energogreen.com www.energogreen.com

NIS Energowind115v, Mihajla Pupina Boulevard, Belgrade Tel: +381 11 301 5000 Email: office@nis-energowind.com www.nis-energowind.com

Solaris Energy42, Kralja Aleksandra Street, Kladovo Tel: +381 (11) 24 64 580 Email: info@solarisenergy.co.rs

Vestas Central Europe 6, Mihaila Pupina Boulevard, Belgrade Tel: +49 4841 971 722 www.vestas.com

WindVision Operations18-20 / VII Obilicev venac Street, Belgrade Tel: +381 11 328 3527 Fax: +381 11 630 1527 www.windvision.com

05. LAW FIRMSKaranovic & Nikolic23, Resavska Street, Belgrade Tel: +381 11 3094 200 Fax: +381 11 3094 223 Email: KNSerbia@karanovic-nikolic.com www.karanovic-nikolic.com

Moravcevic Vojnovic i Partneri in cooperation with Schoenherr27, Francuska Street, Belgrade Tel: +381 11 32 02 600 Fax: +381 11 32 02 610 www.schoenherr.rs

Petrikic & Partneri in cooperation with CMS Reich-Rohrwig Hainz3, Cincar Janka Street, Belgrade Tel.: +381 11 3208900, Fax: +381 11 3208930 Email: belgrade@cms-rrh.com www.cms-rrh.com/Belgrade-Serbia

TURKEY

01. ELECTRICITYPPC Elektrik Tedarik ve Ticaret Anonim SirketiMaslak Mah., Bilim Sk., No:5 Sun Plaza, Kat:13, 34398, Maslak, Istanbul Tel.: +90 212 367 4963 Fax: +90 212 366 5802 Email: ppc.elektrik@ppc.com.tr

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