The Energy Minister of Greece stated on Tuesday that the Russian energy giant will participate in the tender for deep-water oil and gas production in Greece. This concerns 20 offshore blocks in the Ionian Sea and the southern part of Crete island

The article originally appeared at German Economic News. Translated for RI by Anita Zalaldinova

The Greek Energy Minister Panagiotis Lafazanis shortly after his visit to Moscow announced that Russian energy companies will participate in a tender for oil and gas exploration off the Greek coast. Previously, Athens had prolonged the bidding process for two months to give the Russian energy giant an opportunity to participate.

Greece chooses Russia over the austerity-crazy EU

The Energy Minister of Greece stated on Tuesday that the Russian energy giant will participate in the tender for deep-water oil and gas production in Greece. This concerns 20 offshore blocks in the Ionian Sea and the southern part of Crete island.

This was stated by the Lafazanis at a press conference on Tuesday in Athens. Lafazanis was earlier on a state visit to Moscow, the newspaper Kathimerini reports, where he talked to his Russian counterpart Alexander Novak and Gazprom CEO Alexei Miller. Athens prolonged the bidding process for two months to give Russian investors an even chance.

Mark Mobius, manager at the U.S. investment company Franklin Templeton, said in an interview with Naftemporiki Daily that the privatization of state property is the key to Greece attracting foreign investment into the country. He wants to motivate the Greeks not to prioritize Russia but to also pay attention to Chinese companies. “Sell your company to the Chinese. Sell ports and railways. Do not be afraid of them [...]. They have large amounts of capital and want to build profitable businesses,” said Mobius.