Athens News Agency: News in English, 09-11-26

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From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

[01] Motor Oil-Mytilineos Group form joint venture in natgas market

[02] Greek shipping firm denies press reports of freed vessel in Somalia

[03] ÅU declines comment on forecast

[04] Credit expansion at 4.4% in Oct.

[01] Motor Oil-Mytilineos Group form joint venture in natgas market

The natural gas will be used for industrial facilities and electricity production plants owned by the two groups, as well as for sale to other parties in Greece and abroad.

Motor Oil and Mytilineos Group agreed to purchase and jointly distribute 65,000 cubic metres of liquefied natural gas (LNG), the first such cargo to be distributed in the Greek market by a private company.

[02] Greek shipping firm denies press reports of freed vessel in Somalia

Spyros Minas, speaking for All Oceans Shipping, said the company has been negotiating for the release of the 70,000 dwt bulk carrier, yet no deal had been struck by Thursday.

The vessel was hijacked more than six months ago as it sailed off Somalia in the Indian Ocean. The vessel and 24 Ukrainian crewmembers have been held in a southern Somali harbour since then.

Minas called the same-day press reports "rumours", which he said originated from a shady NGO active in the specific region.

[03] ÅU declines comment on forecast

Speaking to reporters, Amelia Torres, a spokeswoman for Economic and Monetary Affairs Commission Joaquin Almunia, said it was the responsibility of the Commission not to "feed" such speculation, although she reminded that the EU executive's has already stated its position over the Greek economy and expects implementation of the 2010 state budget, which should focus on restoring the economy on a fiscal restructuring path in a persuasive way.

Torres also noted that the condition of the Greek economy and of all other EU member-states would be examined in Eurogroup and ECOFIN meetings next Tuesday and Wednesday in Brussels.

[04] Credit expansion at 4.4% in Oct.

The central bank, in a monthly report, said the private sector's debt to commercial banks surpassed 251.5 billion euros at the end of October, despite the fact that net monthly funding flow fell by 60 million euros, with credit expansion growth slowing to 4.4 pct in October, down from 5.4 pct a month earlier.

George Provopoulos, the Bank of Greece's governor, speaking in Parliament last week, said he expected credit expansion to slow further to 4.0 pct this year, from an initial target of 10 pct growth rate.

Funding towards domestic enterprises recorded a negative flow of 166 million euros for an annual growth rate of 5.4 pct at the end of October, down from 6.9 pct in September and 18.7 pct in December 2008.

Funding fell towards all sectors, with the exception of tourism, electricity/natural gas/water, communications and other sector. Credit expansion in the industrial sector recorded an annual growth rate of -2.3 pct in October, from -0.1 pct in September and 15.8 pct in December 2008, while in the constructions sector it was 1.0 pct in October, from 2.4 pct a month earlier and 35.2 pct in December 2008.

In shipping, credit expansion grew by 2.7 pct in October, from 5.7 pct in September, while in the commerce sector, credit expansion grew by 6.0 pct in October, from 7.6 pct in September and 19.5 pct in December 2008.

Net funding to households totaled 106 million euros in October, for an annual growth rate of 3.3 pct, from 3.9 pct in September and 12.8 pct in December. Mortgage loans grew 4.0 pct, from 4.3 pct and 11.5 pct, during the same months, respectively.

Consumer loans recorded a negative flow of 25 million euros, for an annual growth rate of 2.4 pct in October, from 3.3 pct in September and 16.0 pct in December 2008. Other loans to households slowed further to -3.2 pct in October, from -2.0 pct in September and 9.5 pct in December 2008.

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