Greece Aims to Be Energy Hub

G. Maniatis
G. Maniatis

Giannis Maniatis, Minister of Environment, Energy & Climate Change, referred to the steps taken so far for the exploitation of hydrocarbons, as well as to the benefits that will accrue for the country and local communities. He spoke about the upgrade of Greece΄s role in the wider region.

According to, he added that the contracts with concessionaires in Patras, Ioannina and Katakolo will be tabled in the Greek parliament within September or early October. Maniatis also said that in October, the Parliament will vote on the adoption of the new, stricter environmental directives of the European Union for sea drilling, to prevent accidents in hydrocarbon exploration.

The Environment minister responded to those who at times feared that the country΄s revenue from exploitation of hydrocarbon deposits will go straight to lenders.

As the parliament has already decided, the minister said, all proceeds from hydrocarbon exploration will not go generally the state budget and as many fear to the country’s lenders. Instead, they will be deposited into a special social solidarity fund, and will be primarily used to fund and support the sustainability of the country’s social security system.

To a lesser extent, some funds will be used to support undergraduate and graduate research projects and all research programs by Greek universities and scientists on issues pertaining to exploitation of the country’s mineral wealth.


  1. Greece is going to become an energy hub of theft by PASOK & ND taking every last Euro from their Bankster pals… They alreday got away with borrowing 250 million and never paid a cent back yet — Nice “leadership” Samaras & piglet Venizelos!

  2. The 250 Mil. were loans taken assuming the traditional split of 40-50% for each party in Greek politics. The reason these loans are uncollectible today is because the Greek voters in anger have created a multitude of parties and therefore the 2 major parties lost a good chunk of their revenue stream from the state.

    The only clear winner on this is Syriza which gets 12 Mill. a year from the Greek state and has no debt.

    The other 2 parties pre-sold their anticipated revenues and now are stuck with loans that can not be repaid.

  3. If Greece wants to be an energy hub then like all energy producing nations it should facilitate the development and growth of Greek companies that can extract, research and further develop these energy resources even in collaboration with foreign firms in the initial stages. Greece needs to learn to manufacture its own products and make Greek companies competitive developing its own industries. Eitherwise all the proceeds simply will go abroad along with jobs to foreign company workers while the government will get some lousy royalties.

  4. very interesting and a great project

    who supplies the energy? it is also worth noting that many Greek islands receive a larger share of their electricity needs from alternative energy than the mainland

  5. Thes:
    The whole idea behind the project is as follows:
    Instead of investing in subsea pipelines costing 30 Bil. euros or so to transfer natural gas to Greece, you pipe the gas form the Levantine basin to the closest Israeli or Cypriot power natural gas powered plan which then produces electicity on the spot. You then have a high voltage buried in the seabed cable (no thicker that arm in diameter) costing only 1.8 Bil. euros deliver electricity to Cyprus and Greece at half the typical energy cost. And once you are done doing this you could supply Europe as well through a Greece-Italy connection. Brilliant plan.

  6. this is great

    you will notice though in chart 2, transmission costs are a fraction of energy costs (though presumably higher for a subterranean cable). this also flows into the “import line” of our account deficit

  7. Thes:

    The best graphs of actual usage from renewables come from Cyprus which is far more sophisticated than Greece on energy matters. As you can see here Cyprus uses wind power which is normally available at night and during afternoon hours:

    This is the daily consumption for Cyprus:

    And here is a 15-day period. Look at the green part (wind):

  8. so you agree that this increases our account deficit. while this is certainly great given our current net importer of energy situation, what is the solution for become a neutral/netexporter of energy.

    by the way, the majority of the islands will not be receiving this power as it is difficult logistically not to mention many islands are autonomous (60 power stations scattered throughout the islands) from a power perspective