CAPITAL: Athens

MONETARY UNIT: Drachma

REFINING CAPACITY: 391,500 b/cd

OIL PRODUCTION: 8,700 b/d

OIL RESERVES: 10 million bbl

GAS RESERVES: 300 bcf

The Greek government continued negotiations in 1997 with Bulgaria for construction of a pipeline to move Caspian Sea production.

The $700 million, 160-mile line would extend from the Black Sea port of Burgas to the Greek port of Alexandroupolis on the Aegean Sea. It would relieve tanker traffic through the Bosporus Straits.

Russia would have a 50% interest in the project and Bulgaria and Greece would have 25% each. It faced competition from a proposed export pipeline through Turkey.

The government planned to sell 20-30% of Public Petroleum Corp. in 1998 as part of a wider program to sell its interests in state monopolies.

Upstream

Greece`s government signed leases with Enterprise Oil plc and partners to explore two onshore blocks covering 2,000 sq mi at Ionnina and northwest Peloponnesos in western Greece.

Enterprise, the operator and 40% stakeholder, said the area was geologically similar to already-explored Italian blocks and offered good potential.

Other partners are Hungary`s MOL 20%, Union Texas Petroleum Holdings Inc. 28%, and Greece`s Public Petroleum Corp. 12%. The firms must spend $37 million during 6 years, drilling one well per block.

The government awarded Triton Energy Crop. an 88% interest in the offshore Gulf of Patraikos (West) block and the onshore Aitoloakarnania tract. Public Petroleum will have a 12% interest in both.

Public Petroleum took a 35% interest in the development of 3 million bbl North Prinos field, which was opened in 1994 about 1.5 miles north of Prinos field in the North Aegean. It had a 15% interest in the Prinos field development.

Processing activity

Greece`s Hellenic Aspropyrgos Refinery SA commissioned KBC Process Technology Ltd., Weybridge, U.K., to improve operations at its 120,000 b/d Aspropyrgos refinery.

KBC will to use process simulation software to identify and quantify changes to the refinery operations.

The Greek government said it and the European Union would fund 55% of the $17.75 million cost of building a 5 mw solar power plant on the island of Crete. It would be the world`s largest solar power plant.

Iweco Solar, a subsidiary of Enron Solar Co., planned to expand the plant 9 mw to 50 mw by 2003. Currently, a 3.3 mw Italian plant is the world`s biggest.