Hellenic Petroleum, Oemv to Explore Iranian Oil Deposits

Published May 30th, 2000 - 02:00 GMT

The Greek state-owned Hellenic Petroleum reached an agreement with the Austrian OeMv for the joint exploration of Iranian oil deposits, the Macedonian News Agency (MPA) revealed. The two companies reached a new deal for the exploitation of possibly oil-rich territories in Albania. 


Hellenic Petroleum has been actively seeking new investment opportunities in Albania, Greece and Romania, and has engaged in expanding its activity to the sectors of research and exploitation of fuel trade and oil products. 


In the first four months of 2000, the Hellenic Petroleum Group's profits before taxes hit DR19.5 billion, compared to DR11.3 billion in the equivalent 1999 period. This constituted an increase of 72 percent(1 USD = 365 DR). 

© 2000 Mena Report (www.menareport.com)

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