Greece

Africa

Builders sought for EastMed pipe

IGI Poseidon has invited companies to submit plans for the offshore parts of the proposed EastMed gas pipeline, which will run from the southeast Mediterranean into Europe via Greece and Cyprus.

Other News

Tsipras faces bailout deal dissent

Greek prime minister Alexis Tsipras is facing a battle to cling on to his government’s majority after he was forced to shred election promises and introduce punishing austerity measures in exchange for a bailout deal with the country’s European creditors. With members of his own party openly condemning the preliminary rescue deal, Mr Tsipras, who flew home from gruelling night-long negotiations with European leaders, will chair an executive meeting of his Syriza party before MPs begin a two-day debate on the deal, which will heap more tax rises and spending cuts on a nation already suffering through six years of recession. The deal ensures that Greece avoids an imminent financial catastrophe and an exit from the eurozone, but Panos Kammenos, leader of the junior partner in Mr Tsipras’ coalition government, called the bailout plan a German-led “coup”.

Markets

Oil demand boost as threat of Grexit recedes

Oil and gas experts expect European crude demand to grow as a result of the economic agreement struck between the EU and Greece yesterday. The deal has reduced the prospect of a so-called Grexit from the eurozone. In its latest review of the market, Scottish consultancy Wood Mackenzie (WoodMac) said: “If Greece remains in the eurozone and the current crisis is contained, the outlook for Europe's oil demand is much improved over the decline seen in 2014.