The Hellenic Navy (HN) (Greek: Πολεμικό Ναυτικό, Polemikó Naftikó, abbreviated ΠΝ) is the naval force of Greece, part of the Greek Armed Forces. The modern Greek navy has its roots in the naval forces of various Aegean Islands, which fought in the Greek War of Independence. During the periods of monarchy (1833–1924 and 1936–1973) it was known as the Royal Navy (Βασιλικόν Ναυτικόν, Vasilikón Naftikón, abbreviated ΒΝ).The total displacement of all the navy's vessels is approximately 150,000 tons.The motto of the Hellenic Navy is "Μέγα το της Θαλάσσης Κράτος" from Thucydides' account of Pericles' oration on the eve of the Peloponnesian War. This has been roughly translated as "Great is the country that controls the sea". The Hellenic Navy's emblem consists of an anchor in front of a crossed Christian cross and trident, with the cross symbolizing Greek Orthodoxy, and the trident symbolizing Poseidon, the god of the sea in Greek mythology. Pericles' words are written across the top of the emblem. "The navy, as it represents a necessary weapon for Greece, should only be created for war and aim to victory."...............The Hellenic Merchant Marine refers to the Merchant Marine of Greece, engaged in commerce and transportation of goods and services universally. It consists of the merchant vessels owned by Greek civilians, flying either the Greek flag or a flag of convenience. Greece is a maritime nation by tradition, as shipping is arguably the oldest form of occupation of the Greeks and a key element of Greek economic activity since the ancient times. Nowadays, Greece has the largest merchant fleet in the world, which is the second largest contributor to the national economy after tourism and forms the backbone of world shipping. The Greek fleet flies a variety of flags, however some Greek shipowners gradually return to Greece following the changes to the legislative framework governing their operations and the improvement of infrastructure.Blogger Tips and Tricks
This is a bilingual blog in English and / or Greek and you can translate any post to any language by pressing on the appropriate flag....Note that there is provided below a scrolling text with the 30 recent posts...Αυτό είναι ένα δίγλωσσο blog στα Αγγλικά η/και στα Ελληνικά και μπορείτε να μεταφράσετε οποιοδήποτε ποστ σε οποιαδήποτε γλώσσα κάνοντας κλικ στη σχετική σημαία. Σημειωτέον ότι παρακάτω παρέχεται και ένα κινούμενο κείμενο με τα 30 πρόσφατα ποστς....This is a bilingual blog in English and / or Greek and you can translate any post to any language by pressing on the appropriate flag....Note that there is provided below a scrolling text with the 30 recent posts...Αυτό είναι ένα δίγλωσσο blog στα Αγγλικά η/και στα Ελληνικά και μπορείτε να μεταφράσετε οποιοδήποτε ποστ σε οποιαδήποτε γλώσσα κάνοντας κλικ στη σχετική σημαία. Σημειωτέον ότι παρακάτω παρέχεται και ένα κινούμενο κείμενο με τα 30 πρόσφατα ποστς.........

Wednesday, March 17, 2010

Nord Stream, Russia- Baltic pipeline...[ 734 ]

Nord Stream secures funding for Russia-backed Baltic pipeline

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Nord Stream

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RIA NOVOSTI, 12:12,, 16/03/2010

Nord Stream has secured 3.9 billion euros ($5.3 billion) in financing allowing it to start building a pipeline to pump Russian natural gas to Europe under the Baltic Sea, The Financial Times reported on Tuesday.

The funds will come from 26 banks with loan guarantees secured for 80% of the financing from the Italian and German credit agencies Sace and Hermes, the paper said.

Paul Corcoran, Nord Stream's chief financial officer, told the paper the pipeline now had everything in place to begin construction next month.

"Three years ago we had banks very prepared to loan 1bn or 1.5bn euros and to take the underwriting risk," he said, adding that today banks had to be much more careful with the little liquidity left to them.

The 1,220 km-long (758-mile) Nord Stream pipeline will eventually pump 55 billion cubic meters of gas per year to Western Europe, bypassing traditional transit nations.

Nord Stream will have two pipelines, each with a capacity of 27.5 billion cubic meters a year, on the Baltic Sea floor stretching from Russia's Vyborg near the Finnish border to Greifswald on Germany's coast.

The amount of 3.9 billion euros represents 70% of the cost of the project's first phase, which should see the first gas being transported along the line by the end of next year, helping Russia avoid Ukraine, the transit country with which it has had fierce pricing disputes over the past several winters, the paper said.

The remaining 30% of the costs, some 800 million euros ($1.1 billion), will be financed by the partners in Nord Stream's shareholders, which are Russian energy giant Gazprom with a 51% stake, German chemical group BASF/Winterhshall and utility E.ON Ruhrgas each controlling 20% and the Dutch energy group Gasunie with 9%, the paper said.

The project's total cost is estimated at 7.4 billion euros ($10.1 billion). Nord Stream intends later this year to seek financing for the second phase, which will double the pipeline's capacity to 55 bln cu m, the paper said.

MOSCOW, March 16 (RIA Novosti)

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