April 6 (Reuters) - Greece will offer aid worth 100 million euros ($115 million) a year for the next five years to help industries and smaller businesses with rising energy costs, Greek energy
Greece Announces €100M Annual Aid Package for Industries Hit by Energy Costs
Government Measures to Address Rising Energy Costs
Annual Aid Package Details
April 6 (Reuters) - Greece will offer aid worth 100 million euros ($115 million) a year for the next five years to help industries and smaller businesses with rising energy costs, Greek energy minister Stavros Papastavrou said on Monday.
EU Subsidies for Industrial Sectors
Targeted Industries and Investment Plans
The country has also secured subsidies worth a total of 200 million euros from the EU's Modernisation Fund, which will be extended to industries in the aluminium, copper, cement, iron and wood sectorsgbv that implement investment plans aimed at saving energy, Papastavrou added.
Government Statements on Competitiveness
"It's a substantial package of actions to boost competitiveness," Papastavrou said in a televised statement. "We remain on alert, as it's obvious that the intensity and size of the Middle East crisis affects us all."
Impact of Middle East Crisis on Greece
Energy Supply Security
Greece relies heavily on Middle East oil imports. Papastavrou said at an energy conference earlier on Monday that the country's energy supplies are secure for the coming months but that any estimate remains contingent on developments that no one can predict.
Additional Subsidies and Consumer Support
Recent Announcements for Consumers and Farmers
Athens last month announced subsidies for fuel and fertilisers and ferry ticket discounts worth a total of 300 million euros ($346.68 million) in April and May to help consumers and farmers.
Price Control Measures
Profit Margin Caps
Greece has also imposed a cap on profit margins on fuel and on products on dozens of supermarket shelves until the end of June.
Exchange Rate and Reporting
($1 = 0.8665 euros)
(Reporting by Angeliki Koutantou; Editing by Kirsten Donovan)
