CAPITAL: Athens

MONETARY UNIT: Drachma

REFINING CAPACITY: 382,500 b/cd

OIL PRODUCTION: 7,200 b/d

OIL RESERVES: 10 million bbl

GAS RESERVES: 35 bcf

The government planned to sell much of its stock in Hellenic Petroleum SA, Greece`s largest oil refiner, but retain majority control. It wanted to reduce its ownership from 77% to about 51% in 2000.

Hellenic had about 50% of Greece`s refining capacity and 23% of gasoline distribution.

Greece wanted to double its imports of Russian natural gas through Bulgaria after 2001.

Bulgaria was seeking a three-party agreement among the countries and planned to increase capacity of its main line to deliver 3 billion cu m/year of gas to Greece by 2001.

Meanwhile, Hellenic planned to buy a 22% interest in Greece`s Public Gas Co. for $109 million.

Hellenic also signed a joint venture with OAO Lukoil Holding, Russia`s largest oil producer, to explore for, produce, and refine oil.

The venture initially would produce crude in the former Soviet Union and later in other nations. It would sell oil products in Greece and the Balkans.

Hellenic received permission from the former Yugoslav Republic of Macedonia to buy 54% of the country`s Okta refinery.

The Greek firm was building a $90 million oil pipeline between Thessaloniki and Skopje, Macedonia`s capital. The 220-km line would move 18.2 million bbl/year, reducing costs of moving oil to the landlocked country.

Completion was expected in early 2001. Hellenic was considering extending the line 300 km to the Pancevo refinery in Serbia.

Hellenic planned to build a $48 million cogeneration plant at its Thessaloniki refinery and was considering spending $480 million to modernize the refinery.