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Demetra: No decision on establishment of company

29/06/2005 13:19
The government’s intention to select Demetra and EAC as partners for the establishment of a company that will import oil in Cyprus has raised a number of questions in the past few days.

According to newspaper “Phileleftheros”, Demetra and EAC “have been selected by the government as partners since they have the required amount for investment”.

The reaction of the listed company to latest reports was not clear. In its announcement released today, Demetra stated that “no decision has been taken on the issue”, stressing that “it examines its participation in several projects that will contribute to the enforcement of its strategic planning”.

The newly-appointed Chairman of EAC, Charilaos Stavrakis was unavailable for comment. The Finance Ministry is not aware of the issue.

According to newspaper “Haravgi” Mr. Lillikas clarified yesterday that the government will not establish a state company. “The company will aim at low profitability”, he stated.