A GLOBAL / COUNTRY STUDY AND REPORT ON REPORT ON GREECE Submitted to INDU MANEGMENT INSTITUTE, BARODA IN PARTIAL FULFILLMENT OF THE

REQUIREMENT OF THE AWARD FOR THE DEGREE OF MASTER OF BUSINESS ASMINISTRATION In Gujarat Technological University UNDER THE GUIDANCE OF Faculty Guide Dr. Manish Vyas Submitted by

Batch : 2010-12
[ Snehal Panchal (2009) ,Gautam Thumar (2026), Gunvant Patel (2043) , Divyesh Joshi (2059), Chetan Makwana (2078), Apurva Patel (2095) ] MBA SEMESTER III/IV INDU MANEGMENT INSTITUTE, BARODA MBA PROGRAMME Affiliated to Gujarat Technological University Ahmadabad 2010-2012

Page 1

Students Declaration

We, _______________________________________, hereby declare that the report for Global Country Study Report entitled _________________________________ in Greece is a result of our own and our indebtedness to other work publications, references, if any, have been duly acknowledged.

Place: .. Date:

Signature

Page 2

Institutes Certificate

Page 3

Executive Summary
Each country profile is designed to give a summary of that country, its economy and economic profile. It provides economic indicators, data and statistics, as well as analyses of its history, GDP, GDP growth, GDP per capita, prospects, sectors and international trading relations, imports & exports. We have more in depth sections for the larger economies. Country population figures are derived from various sources including estimates from national governments, the World Bank, the IMF, and the CIA. Census figures are therefore supplemented by data on births, deaths, immigration, emigration, school intakes, tax payers and any other data sources a government can draw on to estimate its population. Global Market Directs Motor Oil Hellas S.A. Refining Operation Assets Summary Report is an essential source for company data and information. The report examines company Motor Oil Hellas S.A.s key business structure and operations, history and products, and provides summary analysis of its key revenue lines and strategy. It provides a unique insight into the companys major Refineries. This report covers the global refining market with information on historical and forecast capacities of refineries by country and leading companies to 2012. The report provides an in-depth analysis of refinery product types and application, operating environment based on existing government regulations and future demand trends. The report also provides analysis of trends, drivers, and challenges to the refining industry in Asia- Pacific, Europe, Middle East and Africa, North America, South and Central America. The leading players in global refining and their investment opportunities and challenges are also examined. The company analysis includes survival strategies and factors that will differentiate leading refining companies from others to 2012. Each country evolves a taxation approach to bring in revenues for the government to spend on public services. Country tax regimes are often complex affairs that include income tax, corporate tax, property tax, fuel tax, Value Added Tax (VAT) or Goods & Services Tax (GST), capital gains tax, estate or inheritance tax, and local, regional or state taxes.

Page 4

PRAFACE

The Global Country Report is an integral part of the MBA program and it is designed in such a way that student can give maximum knowledge and can get exposure to the global world in minimum time.

With the respect and pleasure, we have privilege to submit our report to the kind hands of eminent examination of the Indu Management Institute. MBA is a professional course, to be an MBA student is a matter of pride because through MBA each student is prepared to hold the post of manager very confidently and we are in field which helps us to develop from normal human being into a disciplined and dedicated professional.

We have heard that famous saying God helps those who helps them salves and Experience is the best teacher the global country report on GREECE has given us sufficient knowledge to fill the gap between the theoretical and practical knowledge.

Page 5

ACKNOWLEDGEMENT

Every work that one completes successfully stands on the constant encouragement, good will and support of the people around. I, hereby, avail this opportunity to express my heartfelt gratitude to a number of people who extended their valuable time, full support in developing this project.

We convey our heartfelt gratitude to our college Indu Management Institute under Gujarat Technological University for giving us this precious opportunity to work for the real-time project.

We also forward our special thanks faculty member & project guide Dr. Manish Vyas from Indu Management Institute for guiding us in this report. The valuable suggestion of the faculty member during the course of our Project work gives me the inspiration to achieve our goal. The shape that project has been taken is due to judicious guideline, encouragement & help of our guide.

We own the success of the project to my Project Guide, Dr. Manish Vyas, who was a tremendous supporter and an eager teacher, for providing excellent guidance for this project. He is one of the major sources behind the success of the project.

Page 6

TABLE OF CONTENTS NO CONTENTS PAGE NO.

1. ECONOMIC OVERVIEW OF THE SELECTED COUNTRY Demographic Profile of the Country Economic Overview of the Country Overview of Industries Trade and Commerce Overview Different economic sectors of selected country Overviews of Business and Trade at International Level Present Trade Relations and Business Volume of different products with india Introduction of the Motor oil Hellas and its role in the economy of Greece Structure , Functions and Business Activities of retail sector 3. Comparative Position of Motor Oil Hellas products in Greece with India and Gujarat Present Position and Trend of Business( import / export )with India / Gujarat 4. Policies and Norms of Greece for Oil sector for import / export including licensing / permission, taxation etc. Policies and Norms of India for Import or export to the Greece including licensing / permission. Taxation etc. 5. Business Opportunities in future Conclusion and Suggestions 6.
Bibliography

SEMESTER

9 to 29

III

2.

30 to 49

IV

50 to 68

IV

69 to 83

IV

84 to 96 97 to 98

IV

Page 7

LIST OF TABLES/GRAPHS/DIAGRAMS

SR. NO. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

PARTICULARS Diagram Diagram Table Table Table Table Table Graph Graph Graph Graph Graph Graph

TABLE NOS. 1 2 1 2 3 4 5 1 2 3 4 5 6

PAGE NOS. 36 38 52 to 57 59 to 60 87 88 90 60 61 62 63 84 85

Page 8

PART I ECONOMIC OVERVIEW OF THE SELECTED COUNTRY

Page 9

PART I ECONOMIC OVERVIEW OF THE SELECTED COUNTRY 1. Demographic Profile of the Country Greece Age structure:
0-14 years: 14.2% (male 787,143/female 741,356) 15-64 years: 66.2% (male 3,555,447/female 3,567,383)

65 years and over: 19.6% (male 923,177/female 1,185,630) (2011 est.) Definition: This entry provides the distribution of the population according to age. Information is included by sex and age group (0-14 years, 15-64 years, 65 years and over). The age structure of a population affects a nation's key socioeconomic issues.

Birth rate:
Birth rate: 9.21 births/1,000 population (2011 est.) Definition: This entry gives the average annual number of births during a year per 1,000 persons in the population at midyear; also known as crude birth rate. The birth rate is usually the dominant factor in determining the rate of population growth. It depends on both the level of fertility and the age structure of the population.
Countr y Greece 200 0 200 1 200 2 200 3 200 4 200 5 200 6 200 7 200 8 200 9 201 0 201 1

9.82 9.83 9.82 9.79 9.73 9.72 9.68 9.62 9.54 9.45 9.34 9.21

Page 10

 Death rate:
Death rate: 10.7 deaths/1,000 population (July 2011 est.) Definition: This entry gives the average annual number of deaths during a year per 1,000 populations at midyear; also known as crude death rate. The death rate, while only a rough indicator of the mortality situation in a country, accurately indicates the current mortality impact on population growth. This indicator is significantly affected by age distribution, and most countries will eventually show a rise in the overall death rate, in spite of continued decline in mortality at all ages, as declining fertility results in an aging population.
Countr y Greece 200 0 200 1 200 2 200 3 201 0 201 1

2004 2005 2006 2007 2008 2009 10.0 8 10.1 5 10.2 4 10.3 3 10.4 2 10.5 1

9.64 9.73 9.79 9.86

10.6 10.7

Infant mortality rate: Total: 5 deaths/1,000 live births male: 5.49 deaths/1,000 live births female: 4.48 deaths/1,000 live births (2011 est.) Definition: This entry gives the number of deaths of infants under one year old in a given year per 1,000 live births in the same year; included is the total death rate, and deaths by sex, male and female. This rate is often used as an indicator of the level of health in a country.
Countr y Greece 200 0 200 1 200 2 200 3 200 4 200 5 200 6 200 7 200 8 200 9 201 0 201 1

6.51 6.38 6.25 6.12 5.63 5.53 5.43 5.34 5.25 5.16 5.08 5

Page 11

 Life expectancy at birth:

Total population: 79.92 years male: 77.36 years female: 82.65 years (2011 est.) Definition: This entry contains the average number of years to be lived by a group of people born in the same year, if mortality at each age remains constant in the future. The entry includes total population as well as the male and female components
Countr y Greece

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 78.4 4 78.5 9 78.7 4 78.8 9

78.94 79.09 79.24 79.38 79.52 79.66 79.8 79.92

Literacy:
Definition: age 15 and over can read and write total population: 96% male: 97.8% female: 94.2% (2001 census) Definition: This entry includes a definition of literacy and Census Bureau percentages for the total population, males, and females. There are no universal definitions and standards of literacy. Unless otherwise specified, all rates are based on the most common definition - the ability to read and write at a specified age. Country Greece 1991 95 1999 97 2001 96 2003 97.5

Page 12

 Nationality:
Noun: Greek(s) adjective: Greek Definition: This entry provides the identifying terms for citizens - noun and adjective.

Ethnic groups:
Ethnic groups: population: Greek 93%, other (foreign citizens) 7% (2001 census) Definition: This entry provides an ordered listing of ethnic groups starting with the largest and normally includes the percent of total population.

Religions:
Religions: Greek Orthodox (official) 98%, Muslim 1.3%, other 0.7% Definition: This entry is an ordered listing of religions by adherents starting with the largest group and sometimes includes the percent of total population.

Languages:
Languages: Greek (official) 99%, other (includes English and French) 1% Definition: This entry provides a rank ordering of languages starting with the largest and sometimes includes the percent of total population speaking that language.

Page 13

 Net migration rate:

Net migration rate: 2.32 migrant(s)/1,000 populations (2011 est.) Definition: This entry includes the figure for the difference between the number of persons entering and leaving a country during the year per 1,000 persons (based on midyear population).

Country 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Greece 1.97 1.96 1.96 1.96 2.35 2.34 2.34 2.34 2.33 2.33 2.33 2.32

Population: 10,760,136 (July 2011 est.) Definition: This entry gives an estimate from the US Bureau of the Census based on statistics from population censuses, vital statistics registration systems, or sample surveys pertaining to the recent past and on assumptions about future trends. The total population presents one overall measure of the potential impact of the country on the world and within its region. Country 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

10,6 Greece 01,5 30

10,62 10,64 10,66 10,64 10,66 10,68 10,70 10,72 10,737, 10,749, 10,760 3,840 5,340 5,990 7,530 8,350 8,060 6,290 2,820 430 940 ,140

Page 14

 School life expectancy (primary to tertiary education):

total: 17 years male: 16 years female: 17 years (2007) Definition: School life expectancy (SLE) is the total number of years of schooling (primary to tertiary) that a child can expect to receive, assuming that the probability of his or her being enrolled in school at any particular future age is equal to the current enrollment ratio at that age. Caution must be maintained when utilizing this indicator in international comparisons. For example, a year or grade completed in one country is not necessarily the same in terms of educational content or quality as a year or grade completed in another country. SLE represents the expected number of years of schooling that will be completed; including years spent repeating one or more grades.

Total fertility rate:

Total fertility rate: 1.38 children born/woman (2011 est.) Definition: This entry gives a figure for the average number of children that would be born per woman if all women lived to the end of their childbearing years and bore children according to a given fertility rate at each age.

Country 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Greece 1.33 1.33 1.34 1.35 1.32 1.33 1.34 1.35 1.36 1.37 1.37 1.38

Page 15

2. ECONOMY OVERVIEW OF GREECE

The economy of Greece is the 32nd largest in the world by nominal gross domestic product (GDP) and the 37th largest at purchasing power parity (PPP), according to data by the World Bank for the year 2010. The service sector contributes 78.8% of GDP, industry 17.9%, and agriculture 3.3%. The public sector accounts for about 40% of total economic output.

Strengths and weaknesses

Greece enjoys a high standard of living and "very high" Human Development Index, ranking 29th in the world in 2011 Greece's main industries are tourism, shipping, industrial products, food and tobacco processing, textiles, chemicals, metal products, mining and petroleum.

the Greek economy also faces significant problems, including rapidly rising unemployment levels, an inefficient public sector bureaucracy, tax evasion, corruption and low global competitiveness. After 15 consecutive years of economic growth, Greece went into recession in 2009. An indication of the trend of over-lending in recent years is the fact that the ratio of loans to savings exceeded 100% during the first half of the year. By the end of 2009, the Greek economy (based on data revised on 15 November 2010 in part due to reclassification of expenses) faced the highest
Page 16

budget deficit and government debt to GDP ratios in the EU. The 2009 budget deficit stood at 15.4% of GDP. This, and rising debt levels (127% of GDP in 2009) led to rising borrowing costs, resulting in a severe economic crisis. Greece was accused of trying to cover up the extent of its massive budget deficit in the wake of the global financial crisis. This resulted from the massive revision of the 2009 budget deficit forecast by the new Socialist government elected in October 2009, from "68%" (estimated by the previous government) to 12.7% (later revised to 15.4%). Between 2008 and 2011 unemployment skyrocketed, from a generational low of 7.2% in the second and third quarters of 2008 to a high of 16.6% in May 2011, leaving more than 820,000 unemployed. In the final quarter of 2010, youth unemployment reached 36.1%.

National and regional GDP

In terms of GDP per capita, the South Aegean ranks first (28,300), followed by Attica (28,200) and Central Greece (25,100). East Macedonia and Thrace (16,600) and West Greece (18,200) have the lowest values. Greece's average GDP per capita in 2008 was 23,100, below the EU average of 25,000.

Welfare state
Greece is a welfare state which provides a number of social services such as universal health care and pensions. In the 2012 budget, expenses for the welfare state (excluding education) stand at an estimated 22.487 billion (6.577 billion for pensions and 15.910 billion for social security and health care expenses), or 31.9% of the all state expenses.

Cyrrancy
Prior to the adoption of the Euro, the majority of Greek people had a positive view of the new currency (64%).In February and June 2005 however this number fell considerably, to only 26% and 20% respectively. Since 2010 the

Page 17

number has risen again, and a survey in September 2011 showed that 63% of Greeks had a positive view of the Euro.

3. OVERVIEW OF INDUSTRIES TRADE AND COMMERCE OF GREECE

Greece Trade: Exports and Imports

Greece has been a traditional exporter of food, beverages and textiles. It has most of its trading partners located in the EU with the only notable external trade partner being USA. Greece mainly exports the following commodities: Food and beverages Manufactured goods Petroleum products Chemicals Textiles Major export partners are: ITALY, GERMANY, BULGARIA, CYPRUS, US, UK, ROMANIA The excessive amount of imports has always been a cause of worry for Greece economy. Even though imports decreased during recession, the volume remained a lot higher than exports In 2009, the imports volume was $61.47 billion. At the same time previous year, the volume had been $93.91 billion. In terms of imports volume, the country ranked 37th in the world.

Page 18

The following countries have been regular import partners of Greece:

Germany 12.1% Italy 11.7% Russia 7.4% China 5.6% France 5.1%

Greece Commerce Chamber of Commerce and Industry of Berat is also trying to realize one of its obligations toward its members, that is, representation and promotion of their businesses, as well as promotion of economical development of Beret. The services offered by the Chamber are:

Represents business interests, Represents the business as social partner, Intends to be included as potential partner in E.U. programs for S.M.E.s, Compiles informative platforms and for changes of laws, Creates access to its members for new trades, Organizes workshops, seminars and trainings, Organizes fairs and exhibitions, Helps with trade information about home and foreign trades, Helps for assuring businessmen movement in fairs in Albania and abroad, respecting the procedures,

Issues Notes for Embassies, Provide consulting for businesses, offering the expert groups of the Chamber,

Issues the Certificate of Origin, as a indispensable document for exporting goods,

Issues to its members the Membership certificate, a document considered by institutions and by Embassies, facilitating the procedures of visa equipping, Collaborates with Local and Central Government for protecting business interests.

Page 19

4. Overview of different sector of Greece economy

Agriculture and fishery

Olive trees in Thasos, Greece. Agricultural product includes wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes; beef, dairy products etc. In 2010, Greece was the European Union's largest producer of cotton (183.8 thousand tons) and ranked second in the production of rice (229.5 thousand tons) and olives (147.5 thousand tons), third in the production of figs (11 thousand tons), tomatoes (1.4 million tons) and water melons (578.4 thousand tons) and fourth in the production of tobacco (22 thousand tons). Agriculture contributes 3.3% of the country's GDP and employs 12% of the country's labor force.

Maritime industry

Page 20

Piraeus is the largest container port in Greece and one of the largest in the Mediterranean Sea. Greece is also ranked in the top 5 country merchant fleets by number of ships. In the same 2010 United Nations report, the Greek merchant navy came fourth with 3,150 ships, after Japan, China and Germany. There is a significant gap between Greece and Russia, which came fifth with 1,987 ships. A European Community Ship owners' Association report for 2010-2011 reveals that the Greek flag is the fifth-most-used internationally for shipping, while it ranks first in the EU

Telecommunications
Between 1949 and the 1980s, telephone communications in Greece were a state monopoly by the Hellenic Telecommunications Organization. Despite the liberalization of telephone communications in the country in the 1980s, HTO still dominates the Greek market in its field and has emerged as one of the largest telecommunications companies in South-eastern Europe. Since 2011, the majority share holder at HTO is Deutsche Telekom, with 40%, while the Greek state has 10% of the company's shares. HTO owns a total of 13 subsidiaries in four countries across the Balkans, including Greece's top mobile telecommunications provider,

Other mobile telecommunications companies active in Greece are Wind Hellas and Vodafone Greece. The total number of active cellular phone accounts in the country in 2009 based on statistics from the country's mobile phone providers was over 20 million. Additionally, there are 5.93 million active landlines in the country.

Page 21

 Tourism
The ministry responsible for tourism is the Ministry of Culture and Tourism, while Greece also owns the Greek National Tourism Organization which aims in promoting tourism in Greece.

In recent years a number of well-known tourism-related organizations have placed Greek destinations in the top of their lists. In 2009 Lonely Planet ranked Thessaloniki, the country's second-largest city, the world's fifth best "Ultimate Party Town", alongside cities such as Montreal and Dubai, while in 2011 the island of Santorin was voted as the best island in the world by Travel + Leisure. The neighboring island of Mykonos was ranked as the 5th best island in Europe's

Transport
As of 2010, Greece has a total of 81 airports, of which 67 are Paved and six have runways longer than 3,047 meters. Of these airports, two are classified as "international" by the Hellenic Civil Aviation Authority, but 15 offer international services. Additionally Greece has 9 heliports. Greece does not have a flag carrier, but the country's airline industry is dominated by Olympic Air, the largest airline by number of destinations served, and Aegean Airlines, the largest airline by number of passengers carried. in 2009 and 2011 Aegean Airlines was awarded the "Best regional airline in Europe" award by Skirted, and also has two gold and one silver awards by the ERA, while Olympic Air holds one silver ERA award for "Airline of the Year" as well as a "Cond Nast Traveler 2011 Readers Choice Awards: Top Domestic Airline" award.

Page 22

 Energy
Energy production in Greece is dominated by the Public Power Corporation. In 2009 DEI supplied for 85.6% of all energy demand in Greece, while the number fell to 77.3% in 2010. Almost half (48%) of DEI's power output is generated using lignite, a drop from the 51.6% in 2009. Another 12% comes from Hydroelectric power plants and another 20% from natural gas. Between 2009 and 2010, independent companies' energy production increased by 68%, from 2,709 Gigawatt hour in 2009 to 4,232 GWH in 2010.

Food Industry

The food and drink sector of Greece has a very important role in the Greek economy and the Greek manufacturing industry generally. This sector represents about 21% of Greek manufacturing industry, includes more than1,300 enterprises and creates 70,000 jobs. In particular, according to the national accounts, this sector has high potential for improvement provided that it can be reorganized soon. Greek industry is composed of 23 sectors and the most important of them is the food and drink sector.

Page 23

5.Overview Of Business and Trade at International level

We are in the midst of a great transition from narrow nationalism to international partnership. The rise of global business . Major world marketplaces and U.S. trading partners.

The world economy is becoming a single, interdependent system :

Export: Import: Domestic product sold abroad Foreign product sold domestically

Categorizing Economies:
High Income Countries: Per capita income greater than $9,386

Middle Income Countries: Per capita income between $765 and $9,386 Low Income Countries: Per capita income of less than $765

Major World Marketplaces:

North America, Europe, Pacific Asia

Competitive Advantage:
Factor conditions, Demand conditions, Related and supporting industries, Strategies, structures, and rivalries.

Levels of International Involvement:

Importer & Exporter International Firms Multinational Firms

Page 24

Present trade relation and business volume of different product with india
European Union is the worlds leading trade power today. The European Union is specially committed to supporting developing countries' efforts to integrate into the trading system and to help them reap the benefits of market opening, giving them a hand where needed. EU is a major trading partner of India.

The European Union aims at free but fair world trade. This refers to a system where all countries are given opportunities to trade freely with one another on equal terms and without protectionist barriers. Thus, the EU is in favour of a level playing field for all countries and clear rules of the game for everyone to follow. To achieve this, the EUs strategy is to open up its own market while others do likewise. It seeks to remove obstacles to trade gradually and at a pace, which the EU and others can sustain, to settle disputes peacefully and to build up a body of internationally agreed rules.

The India exports six goods, namely, Agriculture, Fishing & Forestry, Chemicals, Textile, Non-metallic minerals, Metal products and Other Services- all of which it produces. Though it produces Other Services, but given the scope for free trade with India and EU, it chooses to import it from its neighbour India.

INDIA-EU TRADE RELATIONS:

Traditionally, India had a multi-dimensional relationship with the EU, which is our largest trading partner, the biggest source of our foreign direct investment, a major supplier of our developmental aid, an important source of technology. . Indias strength lies in traditional exports like textiles, agriculture and marine products, gems and jewellery, leather and engineering and electronic products.

Page 25

Sectors like chemicals, carpets, granites and electronics have exhibited the fastest growth in the last five years. Indian exports from Europe, on the other hand, comprises mainly gems and jewellery , engineering goods, chemicals and minerals.

6. PESTEL Analysis of Greece

POLITICAL
The conservative New Democracy (ND), The Pan-Hellenic Socialist Movement (PASOK), The Communist Party of Greece (KKE); The Coalition of the Left and Progress (Synaspismos),

Government Stability
Government flexible. Election held in every 5 years. political power as directed by the Constitution Greece has a modern constitution first written in June 1975. This document has been amended twice; once in1988 and again in2001. It allows a high level of freedom to its citizens and guarantees civil liberties.

ECONOMIC
Growth rate 0.20 percent in the first quarter of 2011 2.80 percent in December of 2010 The inflation rate in Greece was last reported at 2.9 percent in November of 2011. The Euro Area benchmark interest rate stands at 1.00 percent. The unemployment rate in Greece was last reported at 17.5 percent in September of 2011. Disposable income rate 3.5%.

Page 26

SOCIAL-CULTURAL
Education system that took place in 1964 the years of compulsory education were six; i.e., only primary education was compulsory. After that reform they rose to nine.making Primary as well as lower secondary education compulsory. Health In 2007, Greece ranked 15th for life expectancy among OECD(The Organisation for Economic Co-operation and Development ) countries and was registered above the OECD average .A Person born in Greece in 2008 can expect to live 80.1 years on average. Women Continue to have higher life expectancy than men, with 82.5 years compared to 77.8 years for men.

Attitude
Although the (Russo-Turkish) war has so far been conducted with signal ability by the American press though perhaps at a rather heavier loss of life on the part of the Russians than was absolutely necessary it is remarkable that so little attention has been paid to the attitude of Greece

Greek lifestyle
The Greek way of life is based around the family, church and patriotism. They are proudly patriotic, this is due to the trials and tribulations of successive rulers, invasions and wars, though this sometimes leads to suspicion of other nationalities, considering their history it is not surprising that some of the people feel this way, but patriotism, should not be confused with racial discrimination

Technological Impact of internet and reduced communication cost

Reduce business travel cost by replacing it with Voice/Video Conferencing and Web Collaboration

Page 27

 Reduce costs on Telephone and Audio Conferencing by using built-in Voiceover Internet Protocol (VoIP) Reduce communications systems cost by replacing 3rd Party IM and Voice/Video/Web Conferencing systems with interacts Integrated

Communication Suite Manage users through Legacy systems with API integration

Impact of technology transfer

In Greece, most regions dont have significant innovation and technology Transfer activities. This specifically pertains to Southern Aegean, Northern Aegean, Ionian Islands, Eastern Macedonia and Western Greece. In some of these regions however, technology transfer activities are taking place due to Participation in the EPET programme. In Epirus and Crete, activities in the area of innovation and technology transfer are slowly emerging, with varying Success. Particularly in Crete, activities seem to be rather ineffective.

ENVIRONMENT LEGAL
Constitution, Government & Legislation The 1975 constitution, which describes Greece as a "presidential parliamentary republic," includes extensive specific guarantees of civil liberties and vests the powers of the head of state in a president elected by parliament and advised by the Council of the Republic.

Page 28

 Legal Profession A Greek law graduate is required to work as an apprentice in a law firm or in an attorney's office for a period of 18 months before taking the bar exam. Law Schools There are three law schools in Greece: the Kapodistrian University of Athens Faculty of Law, the Faculty of Law of the Aristotle University of Thessaloniki School of Law & Economics, and the Faculty of Law of the Democritus University of Thrace.

Page 29

PART II INDUSTRY / SECTOR / COMPANY SPECIFIC STUDY

Page 30

PART II INDUSTRY / SECTOR / COMPANY SPECIFIC STUDY

Introduction of company

Page 31

Page 32

Motor Oil Hellas (MOH) is committed to being a leader In the petroleum refining business , it providing the region that it serves with a reliable supply of energy .its evolution MOH is now considered as one of the major contributors to the domestic economy and a key market player in the region. MOHS management system , Environment and Quality is certified according to ISO 9001:2008 for the production & delivery of fuels, lubricants , waxes and oils and according to ISO 14001:2004 regarding environmental management system. MOH is the only refinery in Greece , which has been certified with both certifications. MOH is totally committed to continuous quality improvement. The refinery with its ancillary plants and offsite facilities forms the largest privately held industrial complex in Greece and it is considered as one of the most modern refineries in Europe. It can process crude oils of various characteristics and produce a full range of petroleum products, complying with the most stringent international specifications, serving major pertroleum marketing companies in Greece and abroad.

Page 33

MOH is the only Lubricants producer and packager in Greece. Base oils and finished lubricants produced, are approved by International Organizations, ACEA, API, the US NAVY & ARMY. The extraordinary success that MOH has achieved can be largely attributed to its Personnel. At MOH we strive to develop our people to their highest potential, through continuous education and assignment of challenging projects.

The main milestones in the companys history are : 1970-1972 Foundation and beginning of operation of the refinery comprised of a crude oil refining unit, a basic lubricant production unit, a jetty with loading terminal, and truck loading terminals. 1975 Entrance to fuel production with the addition of the Atmospheric Distillation Unit. 1978 Construction of the Catalytic Reforming Unit (further downstream processing of naphtha). 1980 Installation of the Catalytic Cracking Unit (further downstream processing

of fuel oil to turn it into high value-added products). 1984 Construction of an Electric Power Production Unit that uses gaseous fuel as raw material. Right to sell energy to the domestic market. 1993 ISO 9002 accreditation for the entire spectrum of activities of the Company. 1996 Purchase of 50% of the Companys shares by Aramco Overseas Company BV, 100% subsidiary of Saudi Arabian Oil Company(Saudi Aramco). Relocation of Company Headquarters to a modern building in Marousi, Attica. 2000 Completion of investment projects aiming at the production of products in harmonization to European Union specifications for 2000. During the same year the Environmental Protection System of the Company is ISO 14001:1996 accredited .

Page 34

2001 Installation of a new gas turbine in the electric power station. Upgrading of the lubricants vacuum unit. Company share capital increase through public offer of shares and listing on the Athens Exchange.

2002 Acquisition of 100% of AVIN OIL which engages in fuel trading in the domestic market 2003 ISO 9001:2000 accreditation for the Quality regarding the whole spectrum of Company activities. 2004 Recertification of the Environmental Protection System of the Company according to the ISO 14001:2000 with validity until 2007. 2005 Commencement of operation of the Hydrocracking Complex which enables the production of the new clean fuels according to the specifications of the European Union of 2009 (Auto Oil II). Acquisition of the stake of Aramco Overseas Company B.V. in the Company by Motor Oil Holdings S.A. 2006 Accreditation by the National Accreditation Body (ESYD) of the Chemical Laboratory of the Refinery according to the ISO / IEC 17025:2005 with validity until September 2010. 2007 Recertification of the Environmental Management System of the Company according to the ISO 14001:2004 with validity until 2010. Issuance of the first voluntary Environmental Statement according to the European Regulation 761/2006 EMAS (Eco-Management and Audit Scheme) certified by Bureau Veritas. 2008 Joint Venture Agreement with MYTILINEOS HOLDINGS S.A. to cooperate through the company KORINTHOS POWER S.A. for the construction, operation and utilization of a combined cycle power production plant fuelled with natural gas which will be located within the facilities of MOTOR OIL at Agii Theodori of Korinthos. Certification of the Health and Safety Management of the Refinery according to the international standard OHSAS 18001:2007 with validity until 2011.

Page 35

2009 Recertification of the Quality Management System of the Company according to the new version of the Standard ISO 9001:2008 with validity until 2012. Acquisition of 64.06% of the share capital of OFC AVIATION FUEL SERVICES S.A. as a result of which the MOTOR OIL Group participation to OFC S.A. increased to 92.06%. 2010 Commencement of operation of the new Crude Distillation Unit (new CDU) of 60,000 barrels per day crude distillation capacity. Completion of the acquisition of 100% of the shares of the companies SHELL HELLAS S.A. (renamed to Coral S.A.) and SHELL GAS ....Y (renamed to Coral Gas A.E.B.E.Y.). MOTOR OIL HELLAS proceeded with a presentation regarding its activities and key financial results for the period 1/1/2010 30/9 /2010 as well as its corporate

objectives and developments strategy.During the current fiscal year the Company demonstrated notable activity as regards completion of investment projects and acquisition deals, therefore, laying the foundations for a further dynamic growth of the MOTOR OIL Group endeavors. The new crude Distillation Unit of a processing capacity of 60,000 barrels per day commenced its operation in may. The cost for the construction of the new CDU reached EUR 180 million and, following its installation, the Refinerys crude distillation capacity increased by 50% while the Refinery total production capacity increased to 9 million metric tons per annum.

Page 36

DIAGRAM -1

During the first 9 months of 2010, MOTOR OIL continued selling its products in the 3 main markets: Domestic Export Bunkering through a strong sales network and long-term relationships with its clients. During the third quarter the parent Company key economic figures improved on the back of the increase of the Refinery production capacity, which, combined with the acquisition of the SHELL retail network and the exporting orientation of the Company secured an overall sales volume increase.

Page 37

The volume of sales in the third quarter 2010 totalled 2.5 million metric tons compared to 2.3 million metric tons in the third quarter of 2009. The Gross Profits amounted to EUR 70.4 million compared to EUR 65.4 million. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) reached EUR 63.9 million compared to EUR 40.0 million. Earnings before Tax (EBT) amounted to EUR 38.4 million compared to EUR 24.0 million. The respective key economic figures for the nine month period 2010 denote a satisfactory course. The turnover of the parent Company in the nine month period of 2010 amounted to EUR 3,420 million compared to EUR 2,509 million in the respective period of 2009. The volume of sales in the nine month period of 2010 totalled 6.92 million metric tons compared to 7.13 million metric tons in the nine month period of 2009. The Gross Profits of the parent Company in the nine months of 2010 amounted to EUR 269.5 million compared to EUR 270.7 million in the nine months of 2009. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) for the nine month period of 2010 reached EUR 144.6 million compared to EUR 187.7 million in the nine month period of 2009. Earnings before Tax (EBT) amounted to EUR 84.5 million in the nine months of 2010 compared to EUR 139.2 million in the nine months of 2009.

Page 38

 MANAGEMENT STRUCTURE:

DIAGRAM-2

Page 39

 Board of Directors:

Name 1. Vardis J. Vardinoyannis

Board Position Chairman

Member Identity* and Executive

Managing Director 2. John V. Vardinoyannis 3. John Kosmadakis Vice Chairman Deputy Director 4. Petros Tzannetakis Deputy Director 5. Demosthenes N. Vardinoyannis 6. Nikos Th. Vardinoyannis 7. George Alexandridis 8. Theofanis Voutsaras 9. Michael Stiakakis 10.Konstantinos Maraveas 11.Antonios Theoharis Member Member Member Member Member Member Member Non-executive Non-executive Non-executive xecutive Executive Non-executive/independent Non-executive/independent Managing Executive Executive

Managing Executive

VISIONS & MISSION:

Vision: To be the pre-eminent Refining and Marketing Oil Products Trading Company in the Region.

Mission: To increase stakeholders value through employing effective refining technology , sales , and marketing practices to serve the needs of the needs of our customers, while increasing domestic market share.

Page 40

 To conduct ourselves with integrity, speed, and flexibility when dealing with Employees, Customers, Suppliers and the Community, without compromising our high level of environmental awareness and safety standards.

FUNCTIONS OF MOH:
Motor Oil is a founding member of the Hellenic Network for Corporate Social Responsibility and as a responsible and active corporate citizen strives to ensure that its activities have a positive and productive impact on the social environment in which it functions. Placing particular emphasis on the community in its threefold economyenvironment-community involvement, it recognizes the value of fulfilling its civic role, with the aim of contributing to economic growth and promoting communal and cultural life in the area where the refinery is located, as well as in society as a whole. This contribution is consistently based on the long time tradition and corporate aims and values of MOTOR OIL, and is manifested with multiple activities.

CONTRIBUTION TO LOCAL COMMUNITIES:

MOTOR OIL actively and regularly contributes to social, cultural and athletic activities of its neighboring communities. Its relations with local communities though creative dialogue , so as to utilize synergies, leading to more tangible results than merely meeting social needs.

It offers: Support for social solidarity prohects Financial support for the organization of cultural and social Financial support for the organization of sports events financial aid to various associations in the area

Page 41

 assistance in the development of the local workforce through educational and cultural initiatives financial aid for local infrastructure projects which have a social impact.

examples of such local initiatives include: The annual donations to the Mikis Theodorakis orchestra for presenting a concert at the open-air theatre of Examilia in Corinth.

The annual donations of medical equipment to the Corinth General Hospital, essential in providing specialized treatments.

The 2004 financial aid to the Aghioi Theodoroi Municipal Development Enterprise, for the repair of extensive damage to the Municipalitys water extreme weather conditions.

supply system, caused by

SOCIAL CONTRIBUTION:
organizing educational refinery visits for students supporting education and the sciences , literature and the arts providing economic support for sports providing financial aid for charity events assisting church-run activities and non-governmental organizations supporting healthcare services providing humanitarian aid to the victims of natural disasters assisting church-run activities and non-profit organizations examples of such social contribution are: The special donations in case of natural disasters , such as the donation of the creative Engagement house to the municipality of Ano Liosia after the 1999 earthquake

Page 42

The donation to assist the humanitarian efforts following the destruction caused by the Asian tsunami on December 26, 2004

The donation to help the victims of the earthquake in Pakistan on October 8 , 2005

The 2005 donation to the Athens College Scholarships Programmed.

The 2003 donation to the University of Peloponnese

ROLE OF MOTOR HELLAS:

The use of fossil fuels products inevitably leads to the emission of greenhouse gases, which according to most current scientific research and studies , contribute to global warming They recognize that carbon containing fuels , i.e. petroleum products and natural gas, which currently cover 80% of primary energy requirements, will continue for the next 30 to 40 years to constitute the most important resource for covering the constantly increasing global energy needs. energy-producing companies, such as our own, have a significant role to play in contributing to policy formulation, the delimitation of market-based mechanisms, the development and application on a large-scale of technological and commercial solutions, both for fossil fuels and for other energy sources. We believe in : There is an urgent need for action (such as the Kyoto protocol) that will establish the foundations for the stabilization of greenhouse gases concentration in the atmosphere in a fair and financially responsible manner.

Page 43

 Energy-saving is a necessary and efficient measure for saving resources and reducing the emissions of greenhouse gas. Market-based government policies and legislative acts need to be applied, aimed at encouraging energy suppliers and consumers to apply

technologically innovative approaches.

While at the same time persistently striving to reduce the effect of our operations on the environment: Investing in the application of management procedures and financially acceptable process technologies, which contribute to reducing emissions. Improving energy-saving, with the aim of reducing greenhouse gas emissions. Cooperating with the competent state authorities and other stakeholders in planning technologically feasible and financially viable environmental protection policies. Reporting our actions and results, including carbon dioxide emissions, to all interested parties. (EMAS Environmental Statement, Environmental and Social Report.)

Organization Health and Safety:

Safety composes an integral part of the management system of the company and a fundamental concern of management.

Page 44

The scope of the major Accidents Prevention policies are: The minimization of major accident probability The elimination of industrial accidents and the constant improvement of the working conditions The protection of the personnel the environment and the facilities from the risks arising from the companys activities.

The Major Accident Prevention Policy :

Constant improvement of the Safety and Health Management System. To this end, personnel participation through the Health and Safety Committee and also through the active participation of every employee personally is necessary. Compliance to the legal regulations and the international acceptable codes, standards and the rules of operational practice. The refinery was designed, constructed and is operating according to the American standards which exceed Greek regulations.
Page 45

 We observe closely and we comply with every new development or any Greek, European or American Technical improvement in order to ensure maximum occupational safety and prevention of accidents. Recording and evaluation of all accidents and near-misses, in order to take the proper corrective and preventive actions. Setting of new targets for the improvement of the safety level and the working conditions. Continuous improvement of the level of Personal Protection Equipment and fire safety as well as constant personnel training in the correct use of them.

Regarding safety matters , the following are mentioned:

The Refinery fire brigade is equipped with five fire-fighting vehicles and many fixed and mobile detection and fire-fighting systems. This Service is trained for every possible scenario that may occur. Immediate action is taken within two (2) minutes from the outbreak of each incident. The Refinery has three (3) fully equipped ambulances The Refinery Safety Study was developed in 1993 and was revised in 2001 by the Dutch Organisation "TNO", which is among the leading institutes at an international level in industrial safety issues. The study consists of detailed risk assessment and evaluation of the risk prevention and control measures and procedures. Also, the contingency plans are issued and revised, when required, and the personnel is trained in their implementation.

Page 46

 Systematic detection of the risk sources is being carried out and technical or organizing measures for the risk elimination are taken, measures are taken for the reduction of the consequences to minimum. Cooperation with public Authorities is excellent and we provide them with the necessary relevant information to show our respect to the public and the environment Cooperation meetings on safety, Health and Environment issues are taking place twice a year , with representatives from all the Greek refineries and the public Authorities. The issues that are discussed are of common interest and new ideas and experiences are being exchanged.

Page 47

 There has been a Mutual Aid Agreement between all the Greek Refineries since 1988, in case of emergency. The team drills between MOTOR OIL, Fire Brigade and other Refineries, ensure the reliability of the co-operation plan. The successful performance of the Major Accidents Prevention Policy is very well shown in the safety statistical data, which indicate a declining trend through the years. During the years of the Refinery operation, no major industrial accident or fatal or serious disabling injury has ever occurred Concerning personnel health, the company has a fully equipped Medical Center at the Refinery manned by a Doctor and a Nurse, also there is a Medical Room at the Alkylation Unit (U-3700) which is manned 24-hours a day by a Nurse.

For prevention and the health of the personnel the Medical Center provides the following medical tests:
1. Chest x-rays : Micro-radiography 2. Hippurate aggravation 3. HF test : Check for HF aggravation 4. Pb control : Check for Pb aggravation 5. Test for H.B.V. H.C.V. : Hepatitis B and C (Restaurant personnel and blood donors) 6. Vaccination : Antite (antitetanic) nti-flu H.B.V. (hepatitis B) 7. Measurements of personnel acoustic ability 8. Spirometry test 9. Blood tests 10. Special tests : All the drivers a) Full cardiology control b) Otolaryngology control c) Ophthalmology control acid test : Check for aromatic hydrocarbons (C6H6)

Page 48

As part of its policy for Quality, Motor Oil has been committed to incorporate the Health and Safety requirements in its planning, decision making and Refinery operation always considering all Stakeholders. Within the context of this commitment the Health & Safety Management of the Refinery was revised thoroughly and was certified by Bureau VERITAS according to the international standard OHSAS 18001:2007 in December 2008. This certification has a three year validity.

Page 49

PART 3 Comparative Position of selected Industry / Sector / Specific Company / Product with India and Gujarat

Page 50

PART 3 Comparative Position of selected Industry / Sector / Specific Company / Product with India and Gujarat

ECONOMY OF GREECE (2011-2012)

Greece has a capitalist economy with the public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 15% Of GDP.

Immigrants make up nearly one-fifth of the work force mainly in agriculture and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy grew by nearly 4.0% per year between 2003 and 2007, due partly to infrastructural spending related to the 2004 Athens Olympic Games and in part to an increased availability of credit, which has sustained record levels of consumer spending. But the economy went into recession in 2009 as a result of the world financial crisis, tightening credit conditions and Athens failure to address a growing budget deficit, which was triggered by falling state revenues and increased government expenditures.

The economy contracted by 2% in 2009, and 4.8% in 2010. Greece violated the EU's Growth and Stability Pact budget deficit criterion of no more than 3% of GDP from 2001 to 2006, but finally met that criterion in 2007-08, before exceeding it again in 2009, with the deficit reaching 15.4% of GDP. Austerity measures reduced the deficit to 10.5% of GDP in 2010. Public debt, inflation, and unemployment are above the euro-zone average while per capita income is below; unemployment rose to 12% in 2010. Eroding public finances, a credibility gap stemming from inaccurate and misreported statistics, and consistent underperformance on following through with reforms prompted major credit rating agencies in late 2009 to downgrade Greece's international debt rating, and has led the country into a financial crisis. Under

Page 51

intense pressure by the EU and international market participants, the government has adopted a medium-term austerity program that includes cutting government spending, reducing the size of the public sector, decreasing tax evasion, reforming the health care and pension systems, and improving competitiveness through structural reforms to the labor and product markets. Athens, however, faces long-term challenges to push through unpopular reforms in the face of often vocal opposition from the country's powerful labor unions and the general public. Greek labor unions are striking over new austerity measures, but the strikes so far have had a limited impact on the government's will to adopt reforms. An uptick in widespread unrest, however, could challenge the government's ability to implement reforms and meet budget targets, and could also lead to rioting or violence. In April 2010 a leading credit agency assigned Greek debt its lowest possible credit rating; in May, the International Monetary Fund and Eurozone governments provided Greece emergency short- and medium-term loans worth $147 billion so that the country could make debt repayments to creditors. In exchange for the largest bailout ever assembled, the government announced combined spending cuts and tax increases totaling $40 billion over three years, on top of the tough austerity measures already taken. Greece, however, struggled to boost revenues and cut spending to meet 2010 targets set by the EU and the IMF, especially after Eurostat - the EU's statistical office - revised upward Greece's deficit and debt numbers for 2009 and 2010. Greece's lenders are calling on Athens to step up efforts in 2011 to increase tax collection, shore up public enterprises, and rein in health spending, and are planning to give Greece more time to repay its EUIMF loan. Greece responded by introducing major structural reforms, but investors still question whether Greece can sustain fiscal efforts in the face of a bleak economic outlook and public

Page 52

STATISTICS OF GREECE TABLE-1 GDP (purchasing power parity) $318.1 billion (2010 est.) $333.2 billion (2009 est.) $340.1 billion (2008 est.) GDP (official exchange rate) GDP - real growth rate $305.4 billion (2010 est.) -4.5% (2010 est.) -2% (2009 est.) 1% (2008 est.) GDP - per capita (PPP) $29,600 (2010 est.) $31,000 (2009 est.) $31,700 (2008 est.) GDP - composition by sector agriculture: 3.3% industry: 17.9% services: 78.8% (2010 est.) Population below poverty line Labor force Labor force - by occupation 20% (2009 est.) 5.013 million (2010 est.) agriculture: 12.4% industry: 22.4% services: 65.1% (2005 est.) Unemployment rate 12.5% (2010 est.)

Page 53

9.4% (2009 est.) Unemployment, youth ages 15-24 total: 25.8% male: 19.4% female: 33.9% (2009) Household income or consumption lowest 10%: 2.5% by percentage share highest 10%: 26% (2000 est.)

Distribution of family income - Gini 33 (2005) index Investment (gross fixed) Budget 35.4 (1998) 14.7% of GDP (2010 est.) revenues: $119.6 billion expenditures: $151.5 billion (2010 est.)

Taxes and other revenues Budget surplus (+) or deficit (-) Public debt

39.2% of GDP (2010 est.) -10.4% of GDP (2010 est.) 142.7% of GDP (2010 est.) 127.5% of GDP (2009 est.)

Inflation rate (consumer prices)

4.7% (2010 est.) 1.2% (2009 est.)

Central bank discount rate

1.75% (31 December 2010) 1.75% (31 December 2009)

Page 54

Commercial bank prime lending 5.984% (31 December 2010 est.) rate Stock of narrow money 6.055% (31 December 2009 est.) $151.1 billion (31 December 2010 est.) $177.8 billion (31 December 2009 est.) Stock of money Stock of broad money $NA $316.8 billion (31 December 2010 est.) $379 billion (31 December 2009 est.) Stock of quasi money Stock of domestic credit $NA $442.8 billion (31 December 2010 est.) $383.7 billion (31 December 2009 est.) Market value of publicly traded $72.64 billion (31 December 2010) shares $54.72 billion (31 December 2009) $90.4 billion (31 December 2008) Industrial production growth rate Electricity - production Electricity - production by source -5.7% (2010 est.) 51.5 billion kWh (2009 est.) fossil fuel: 94.5%

Page 55

hydro: 3.8% nuclear: 0% other: 1.7% (2001) Electricity - consumption Electricity - exports Electricity - imports Oil - production Oil - consumption Oil - exports Oil - imports Oil - proved reserves Natural gas - production Natural gas - consumption Natural gas - exports Natural gas - imports Natural gas - proved reserves 59.53 billion kWh (2008 est.) 3.233 billion kWh (2009 est.) 4.368 billion kWh (2009 est.) 7,946 bbl/day (2010 est.) 371,300 bbl/day (2010 est.) 181,600 bbl/day (2009 est.) 496,600 bbl/day (2009 est.) 10 million bbl (1 January 2011 est.) 1 million cu m (2010 est.) 3.824 billion cu m (2010 est.) 0 cu m (2010 est.) 3.815 billion cu m (2010 est.) 991.1 million cu m (1 January 2011 est.) Current Account Balance -$19.89 billion (2010 est.) -$35.97 billion (2009 est.) Exports $22.66 billion (2010 est.)

Page 56

$21.34 billion (2009 est.) Exports - partners Germany Cyprus 10.9%, 7.3%, Italy 10.9%, 6.5%,

Bulgaria

Turkey 5.4%, UK 5.3%, Belgium 5.1%, China 4.8%, Switzerland 4.5%, Poland 4.2% (2010) Imports $60.19 billion (2010 est.) $64.21 billion (2009 est.) Imports - partners Germany Russia 10.6%, 9.6%, Italy China 9.9%, 6.1%,

Netherlands 5.3%, France 4.9%, Austria 4.5% (2010) Reserves of foreign exchange and $6.37 billion (31 December 2010 gold est.) $5.546 billion (31 December 2009 est.) Debt - external $583.3 billion (30 June 2011) $532.9 billion (30 June 2010) Stock of direct foreign investment - $33.56 billion (31 December 2010 at home est.) $42.1 billion (31 December 2009 est.) Stock of direct foreign investment - $37.88 billion (31 December 2010 abroad est.)

Page 57

$39.45 billion (31 December 2009 est.) Exchange rates euros (EUR) per US dollar 0.7715 (2010) 0.7179 (2009) 0.6827 (2008) 0.7345 (2007) 0.7964 (2006)

ECONOMY OF INDIA (2011-2012)

Economy is expected to develop at 8.2 percent in 2011-12. Agriculture grew at 6.6 percent in 2010-11. Likely to nurture at 3.0 percent in 2011-12. Industry grew at 7.9 percent in 2010-11. Likely to nurture at 7.1 percent in 2011-12. Services grew at 9.4 percent in 2009-10. Likely to nurture at 10.0 percent in 2011-12. The expected growth rate of 8.2 percent, although inferior than the earlier year, must be treated as high and respectable, given the current world situation. The global economic and financial situation is not likely to improve according to the outlook. To keep the economy growing at 9 percent it is significant to boost fixed investment rates. Investment rates are expected at 36.4 percent in 2010-11 and 36.7 percent in 2011-12. Domestic savings rates as a ratio of GDP are likely at 33.8 percent in 201011 and 34.0 percent in 2011-12.

Page 58

 The 2011 monsoon is anticipated to be in the range of 90 percent to 96 percent of Long Period Average. As a result, farm sector output is expected to grow at 3 percent. The revised series (2004/05) for Index of Industrial Production shows an output growth pattern that is fairly different from what the old series (1993/94) had indicated. The output growth was grossly underestimated by the old series in 2007-08 and overestimated in 2008-09 and 2009-10. The impact of the Global Financial Crisis on industrial output was much stronger than had been indicated by the old series. In 2010-11 the output growth was higher at 8.2 percent against 7.8 percent indicated by the old series. Significant role for fiscal policy to contain demand pressure. Need to ensure that fiscal deficit does not surpass the budgeted level. RBI will have to persist to follow a tight monetary policy till inflation shows definite signs of decline. Achieving fiscal targets set in 2011/12 budget estimates to present a significant challenge. Government to redouble efforts to collect larger revenue, resolve cases to reduce tax arrears. Minimize avoidable expenditures and initiate measures to increase revenues. Resolve issues with states and introduce Goods and Services Tax. Reforms in power sector distribution system to limit the liabilities of state governments. The revised series (2004/05) for Index of Industrial Production shows an output growth pattern that is fairly different from what the old series (1993/94) had indicated. The output growth was grossly underestimated by the old series in 2007-08 and overestimated in 2008-09 and 2009-10. The impact of the Global Financial Crisis on industrial output was much stronger than had been indicated by the old series. In 2010-11 the output growth was higher at 8.2 percent against 7.8 percent indicated by the old series.

Page 59

 Current Account deficit is US$44.3 billion (2.6 percent of GDP) in 2010-11 and likely at US$54.0 billion (2.7 percent of GDP) in 2011-12. Merchandise trade deficit is US$130.5 billion or 7.59 percent of GDP in 201011 and projected at US$154.0 billion or 7.7 percent of GDP in 2011-12. Invisibles trade surplus is US$86.2 billion or 5.0 percent of the GDP in 201011 and projected at US$100.0 billion or 5.0 percent in 2011-12. Capital flows registered at US$61.9 billion in 2010-11 and are projected at $72.0 billion in 2011-12. FDI inflows projected at US$35 billion in 2011-12 against the level of US$23.4 billion in 2010-11. FII inflows projected to be US$14 billion which is less than half that of the last years US$30.3 billion. Accumulation to reserves was US$15.2 billion in 2010-11 and is projected at US$18.0 billion in 2011-12. The headline inflation rate would continue to be at 9 percent in the month of July-October 2011. There will be some relief starting from November and will decline to 6.5 percent in March 2012.

STATISTICS OF INDIA TABLE-2 GDP $1.846 trillion (nominal: 9th; 2011) $4.469 trillion (PPP: 3rd; 2011) GDP growth GDP per capita 8.5% (2009-10) $1,527 (nominal: 135th; 2011) $3,703 (PPP: 127th; 2011) GDP by sector Agriculture 8.1%, industry: 26.3%,

Page 60

services: 55.6% (2011 est.) Inflation (CPI) Average gross salary Unemployment Exports Imports 6.95% (February 2012) $1,330 yearly (2010) 9.8% (2011 est.) $298.2 billion (2011 est.) $451 billion (2011 est.)

Greece GDP per capita (ppp)

The GDP per capita, adjusted by purchasing power parity, in Greece was last reported at 27805 US dollars in December of 2010, according to the World Bank. Previously the GDP per capita PPP in Greece standard at 28883 US dollars in December of 2009. The GDP per capita PPP in Greece is obtained by dividing the countrys gross domestic product, adjusted by purchasing power parity, by the total population. Historically, from 1980 until 2010, Greece's average GDP per capita PPP was 16779.38 dollars reaching an historical high of 29569.37 dollars in December of 2008 and a record low of 8315.45 dollars in December of 1980. This page includes a chart with historical data for Greece's GDP per capita PPP.

GRAPH-1

Page 61

 India GDP per capita (ppp)

The GDP per capita, adjusted by purchasing power parity, in India was last reported at 3582 US dollars in December of 2010, according to the World Bank. Previously, the GDP per capita PPP in India standed at 3310 US dollars in December of 2009. The GDP per capita PPP in India is obtained by dividing the countrys gross domestic product, adjusted by purchasing power parity, by the total population. Historically, from 1980 until 2010, India's average GDP per capita PPP was 1413.43 dollars reaching an historical high of 3582.48 dollars in December of 2010 and a record low of 415.30 dollars in December of 1980. This page includes a chart with historical data for India's GDP per capita PPP.

GRAPH-2

Greece GDP Greece Gross Domestic Product is worth 305 billion dollars or 0.49% of the world economy, according to the World Bank. Historically, from 1960 until 2010, Greece's average Gross Domestic Product was 93.03 billion dollars reaching an historical high of 347.04 billion dollars in December of 2008 and a record low of 4.45 billion dollars in December of 1960. Greece had managed to achieve a fastgrowing economy after the implementation of stabilization policies in recent years, at least, prior to the global financial crisis of 20082009. Greece has a predominately service economy, which (including tourism) accounts for over 70%
Page 62

of GDP. Greece realigned its economy as part of EU membership that began in 1981. This page includes: Greece Gross Domestic Product (GDP) chart, historical data, forecasts and news.

GRAPH-3

India GDP
The Gross Domestic Product (GDP) in India expanded 6.1 percent in the fourth quarter of 2011 over the previous quarter. Historically, from 2000 until 2011, India's average quarterly GDP Growth was 7.45 percent reaching an historical high of 11.80 percent in December of 2003 and a record low of 1.60 percent in December of 2002. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Services are the major source of economic growth, accounting for more than half of India's output with less than one third of its labor force. The economy has posted an average growth rate of more than 7% in the decade since 1997, reducing poverty by about 10 percentage points. This page includes: India GDP Growth Rate chart, historical data, forecasts and news. Data is also available for India GDP Annual Growth Rate, which measures growth over a full economic year.

Page 63

GRAPH-4

Present Position and Trend of Business (import / Export) with India

Type Contract of

l. No

Name of Client

Project Description

Indian Clients

Southern 01

Petrochemical

Engineering, Procurement & Construction of Gas Collection Station 2.5 mm CMD (Value : 2,870,000US$) for ONGC, India. LSTK

Industries Corporation Limited (SPIC), India

Engineering, Procurement & Construction of Dew point Control Unit 5.6 Million 02 Niko Resources Limited, India m3/day (Value : 1,650,000 US$) LSTK

03

Chemplast Sanmar India

Engineering, Procurement & Construction of Ethylene Storage Systems. (Value : 12,750,000 US$)

LSTK

Engineering, Procurement & Construction of Produced Water Re-Injection 04 Cairn India Ltd-India Facility (Value : 4,900,000 US$) Systems. LSTK

Page 64

05

GNFC-India

Engineering Services for 150,000 MTA Acetic Acid Revamp - Phase II. (Total Manhours : 15,000)

LSS

Engineering, Procurement & Construction of VCM Storage Terminal Facility 06 Chemplast Sanmar India Systems. (Value : 8,715,000 US$) LSTK

07

Essar Oil Company - India

Engineering

Services

for

Vadinar

Refinery

Expansion

,Gujarat.

(Total Manhours : 600,000)

LSS

PRESENT POSITION OF INDIA:

The petroleum reserves of India, situated in Gujarat, Bombay High (next to the seashore of Maharashtra), eastern Assam, and Rajasthan satisfy about 1/4th of the requirements of the nation. Till January 2007, the established oil reserves of the country hold the second biggest volume in the Asia-Pacific territory and India ranks after China in this regard. This is as per statistics provided by EIA (Energy Information Administration), which is a statistical organization of the United States Department of Energy. The majority of petroleum reserves of the country lie in the western seashores of the country (including Mumbai High) and also in the northeastern region of India. However, a significant number of unexploited reserves are situated in Rajasthan and close to the coasts of the Bay of Bengal. India relies significantly on oil imports for fulfilling the usage requirements of the country. The blend of increasing oil usage and somewhat firm production volumes is the main reason behind this. In the year 2006, the country had a mean production of approximately 846,000 barrels per day (bbl/d) of total oil liquids. Out of this, 103,000 m3/d (648,000 bbl/d) or 77% was petroleum.The approximated amount

Page 65

of oil used in the country during 2006 was 418,000 m3/d or 2.63 Mbbl/d. The Energy Information Administration (EIA) projected that India posted an increase in oil demand amounting to 16,000 m3/d (100,000 bbl/d) in 2006.

The petroleum industry in India is controlled by government organizations. Over the past one or two decades, the Government of India took a number of initiatives to lift the regulations from the hydrocarbons sector and encourage higher international participation. The biggest oil company in the country is the Oil and Natural Gas Corporation (ONGC) Limited, which is an entirely state-held

organization. In terms of market capitalization, ONGC also ranks as the biggest organization in India. The Indian oil and gas sector is of strategic importance and plays a predominantly pivotal role in influencing decisions in all other spheres of the economy. The annual growth has been commendable and will accelerate in future consequently encouraging all round growth and development. This has necessitated the need for a wider intensified search for new fields, evolving better methods of extraction, refining and distribution, the constitution of a national price mechanism keeping in mind the alarming price fluctuation in the recent past and evolving a spirit of equitable global cooperation. The growing demand for crude oil and gas in the country and policy initiative of Government of India towards increased E&P activity, have given a great impetus to the Indian E&P industry raising hopes of increased exploration.

Page 66

 Oil and Natural Gas Corporation Limited (ONGC) and Oil India Ltd. (OIL), the two National Oil Companies (NOCs) and private and jointventure companies are engaged in the exploration and production (E&P) of oil and natural gas in the country.

PRESENT POSITION OF GUJARAT

It is India's only State Government-owned oil and gas company with the Government of Gujarat holding approximately 95% equity stake. GSPC was incorporated in 1979 as a petrochemical company. Today GSPC has become a vertically integrated energy company, excelling in a wide gamut of hydrocarbon activities across India. The largest gas grid will generate opportunities for transmission and distribution of natural gas to domestic and industrial users. Three LNG terminals coming up in the state will provide the fuel for growth. Refineries and petrochemical complexes in operation, invites investment in downstream projects.

Page 67

OPPORTUNITIES FOR ENTREPRENEURS:

Gujarat State is the largest on land producer of oil and gas in country. Following are some identified projects of gas and petroleum in Gujarat:

Refining Of Used Engine Oils for Making Base Oil Wax from Slack Wax Naphtha Base Solven Bitumen Emulsion For Road (cationic Type) Gas filling of L.P.G. cylinder Hydrogen Gas from Methanol Cracking

Page 68

PART-4 Policies and Norms of selected country for selected Industry/company for import / export including licensing / permission, taxation etc. Policies and Norms of India for Import or export to the selected country including licensing / permission, taxation etc.

Page 69

PART-4 Policies and Norms of selected country for selected Industry/company for import / export including licensing permission, taxation etc.Policies and Norms of India for Import or export to the selected country including licensing / permission, taxation etc.

Indian Import Policy:

The economic needs of the country, effective use of foreign exchange and industrial as well as consumer requirements are the basic factors which influence India's import policy. On the import side the policy has three objectives: 1) to make necessary imported goods more easily available, including essential capital goods for modernizing and upgrading technology 2) to simplify and streamline procedures for import licensing 3) to promote efficient import substitution and self-reliance. There are no quantitative restrictions on imports of capital goods and intermediates. Import of second-hand capital goods is permitted provided they have a minimum residual life of 5 years. There is an Export Promotion Capital Goods (EPCG) Scheme under which exporters are allowed to import capital goods (including computer systems) at concessionary customs duty, subject to fulfillment of specified export obligations. Service industries enjoy the facility of zero import duty under the EPCG Scheme. Likewise, hospitals, air cargo, hotels and other tourism-related industries. Software units can use data communication network to export their products. Current Scenario of Imports in India There are few goods which cannot be imported namely tallow fat, animal rennet, wild animals, unprocessed ivory etc. Most of the restrictions are on the ground of security, health, environment protection etc. Imports are allowed free of duty for export production. Input output norms have been specified for more than 4200 items.

Page 70

The norms tell about the amount of duty free import of inputs allowed for specified products. There are no restrictions on imports of capital goods. Import of second hand capital goods whose minimum residual life is of five years is permitted. Export Promotion Capital Goods (EPCG) scheme provides exporters to import capital goods at a concessionary custom rates. In the past 30 years Indian imports have risen quite dramatically. At present imports accounts for 17% of the GDP. Capital goods have been continued to be imported and in the last three years, their share has fallen from 25% to 22%. Major Indian Imports There are facilities available for the service industries to enjoy the facility of zero import duty under EPCG scheme. Some of the major imports of India are edible oil, newsprint, petroleum and crude products, crude rubber, fabrics, electronic goods etc. Problems due to Large Import of Products The recent trend of imports is of some concern. The regular imports of oil reflect upon the fact that India is not able to produce the quantity of oil required in India. Moreover the increase in the imports of products also highlights the fact that the Indian domestic industries need to be developed. High cost of imports also put pressure on the foreign exchange reserves.

The basic laws that governs the import sector of Indian economy: No import of rough diamonds shall be permitted unless the shipment parcel is accompanied by Kimberley Process Certificate required under the procedure specified by the Gem & Jewelry Export Promotion Council.

Duty credit allowed for import of capital goods, spare parts, office equipment,
office furniture and consumables that are importable under ITC (HS). Such imports covers all items of the service sector

Page 71

 Tariff rates, excise duties, regulatory duties are revised in each annual budget of India Total duties on imports now consist of basic duty which ranges from zero to 65% plus additional or countervailing duties On manufactured "luxury" items, total import taxes may amount to whooping 150% Import duties are product specific and can be revised in mid-year Every importer shall comply with the provisions of the Foreign Trade (Development and Regulation) Act, 1992, the Rules and Orders made hereunder, the provisions of this Policy and the terms and conditions of any license / certificate / permission granted to him, as well as provisions of any other law for the time being in force The Customs Act of India governs the process of levying of tariffs on imports and frames the rules and it also specifies the tariffs rates and provides for the imposition of anti-dumping and compensation charges Imports shall be free, except in cases where they are regulated by the provisions of this Policy or any other law for the time being in force The item wise import policy shall be, as specified in published and notified by Director General of Foreign Trade, as amended from time to time

Licensing, Quotas and Prohibitions

Import approval is based on compliance with procedures whereby specific items may be imported by certain types of importers under certain types of licences. Importers are divided into three categories for the purpose of import licensing: 1) actual users; An actual user applies for and receives a licence to import any item or an allotment of an imported item as required for his own use, not for business or trade in that item. 2) registered exporters;
Page 72

defined as those who have a valid registration certificate issued by an export promotion council, commodity board or other registered authority designated by the Government for purposes of exportpromotion.

3) Others The two types of actual user licence are:

general currency area licences which are valid for imports from all countries, except those countries from which imports are prohibited; specific licences which are valid for imports from a specific country or countries. Aside from the types of licences listed, the Open General Licence is perhaps the \most liberalized type of licence available for certain items and certain types of importers. Licences are valid for 24 months for capital goods and 18 months for raw materials components, consumable and spares, with the licence term renewable. Import licences may be obtained from the director general of foreign trade

The latest export import policy of India have led to growth of India's Import : The export sector of Indian economy made comprehensive progress over the last decade. The exponential growth of the export sector of Indian economy can be attributed to the liberal Government of India economic policy. Indian exports have an ambitious target of US 160 billion in 2007-08. The achievement came to the Indian exports in the last fiscal despite the odds against the exports, minimizing the gains. In the first two months of 2007-08 exports grew by 20.3%, which was a little lower than the previous year over the same period a year ago.

Page 73

 The Government of India latest export policy for the exporters will help in stabilizing the export growth levels attained in the 1st quarter of 2007-2008. Ores and minerals exports grew moderately to 12.9% against 37.4% in 200506. Similar trend was also observed in the exports of manufacturing sector. The exports of manufactured goods from India grew moderately by 15% in the first quarter of 2007-2008 as compared to 21.2% in the last fiscal year. High value commodities like engineering goods and rice registered very high growth rate in the 1st quarter of this fiscal against the same period last year. The overall exports suggest that the Indian exports grew considerably across all major exporting destinations. The Indian exports to Pakistan, UAE and Italy showed remarkable growth in the first quarter of the current fiscal year. The Government of India latest export policy for the exporters will help in stabilizing the export growth levels attained in the 1st quarter of 2007-2008. The Indian imports shoot up by 34.30% during the 1st quarter of 2007-2008. Today, India ranks second in the manufacture of small passenger car segment.

It is the worlds largest producer of generic pharmaceutical and its Information Technology sector is registering three figure growth consistently. Moreover, it is the most preferred destination for business process outsourcing. The world's knowledge process outsourcing business is valued at US$ 15 billion out of which US$ 12.5 billion worth of business is expected to be outsourced to India alone by 2010. According to reports, productivity growth rate of Indian economy is estimated to be around 8% and above until 2020.

Page 74

Greece Import Policy:

Import duty and taxes are due when importing goods into Greece from outside of the EU whether by a private individual or a commercial entity. The import duty and taxes payable are calculated on the value of the imported goods plus the cost of importing them (shipping and insurance). Duty Rates The duty rates applied to imports into Greece typically range between 0% (e.g. books) and 17%. Some products, such as Laptops, Mobile Phones, Digital

cameras and Video Game consoles, are duty free. Certain goods may be subject to additional duties depending on the country of manufacture, for example Bicycles made in China carry an additional duty of 48.5%. VAT Rates The standard VAT rate for importing items into Greece is 23%, with certain products, for example books, attracting VAT at the reduced rate of 6.5%. VAT is calculated on the value of the goods, plus the international shipping costs and insurance, plus any import duty due.

Minimum thresholds When importing goods into Greece, duty is not charged, if the total value of the goods (not including shipping charges or insurance) does not exceed 150. Neither duty nor VAT is payable if the total value of the goods (not including shipping charges or insurance) does not exceed 22. Other taxes and custom fees Excise duty is payable on for example tobacco and alcohol. Additional custom fees can be charged to cover the expense of performing any required examinations, verification and or testing of the imported goods.

Page 75

 growth of the Indian export sector was led by the following industry
Pharmaceutical and biotechnology products Consumer durables Chemicals and fertilizers Food grains Power equipment Iron and steel Textiles Electronics and hardware Construction machinery Telecommunication hardware

The growth factors of the oil sector of Indian economy:

The oil and gas industry is amongst the six core industries in India. This industry is a major factor for the growth being witnessed in the Indian economy today. The natural gas and petroleum sector, which is inclusive of refining, transportation, and marketing of these products, contributes about 15% to India's GDP. he Economic Affairs Committee gave 44 oil and gas blocks for exploration under the New Licensing Policy. These allocations will bring investments worth US$ 1.5 billion in this sector. Investment Opportunities Refining: India is rising as a potential refining hub because the capital costs are lowered by 2550% here in comparison to other Asian countries. India ranks fifth in the category of refining. Its share is 3% of the capacity worldwide and is going to improve further by 45% over the next 5 years. This is in accordance with a report compiled by Deutsche Bank.

Retail: A surge in the automobile market has led to investments for extending the petroleum sector. According to Keystone, a US consultancy, the automobile industry is poised to grow to 20 million by 2030. This makes India the 3rd-largest market for

Page 76

automobiles worldwide. Thus, the need for more petroleum and petroleum-based products is going to rise further.

Gas: The power and fertilizer sectors in India drive the demand for gas in the country. They use 66% of the total gas produced. The demand for gas is set to grow; thus, the natural gas share in the overall mix is projected to rise from 8% to 20% by 2025.

The investments by public sector oil companies is going to be US$ 11.33 billion to expand supplies and build new networks for transportation of oil and gas.

The policies of the government are a further boost to foreign investment in this industry.

These are government initiatives 1) 100% FDI is allowed in private refineries via the automatic route and up to 26% in government-owned ones. 2) 100% FDI is also granted in cases of petroleum products, gas pipelines, exploration, and marketing or retail via the automatic route. 3) It has also abolished the administrated pricing policy. 4) With NELP (New Exploration Licensing Policy) it has helped encourage further explorations for oil and gas reserves in India.

Growth Prospects India's energy sector will be instrumental in providing avenues worth US$ 120 billion to 150 billion over the coming 5 years. As per the Investment Commission, the opportunities in the oil and gas sector are projected to reach US$ 3540 billion by 2012.

Another reason that investments in this sector can be useful is that crude oil coming from the Middle East region can easily be transported to India. Also, India offers cost-effective refining technologies. As the energy sector is never going to slow down or lose its sheen, the growth prospects are enormous in this industry.
Page 77

The future trends of the oil sector of Indian economy :

Future trends relating to energy prices and oil price per barrel. Impact on global economic growth of rising oil prices. Balance between oil production and oil consumption. Peak oil and proven global oil reserves -- why they are rising. Oil from coal -future trends in coal industry. Petroleum based products and petrochemical industry -- growing demand for all kinds of commodities including steel, copper, oil, coal, gas, all part of the growth of emerging economies such as China, India, Indonesia, Brazil, Malaysia, South Korea, Singapore and so on. Impact on utility companies. Deep sea drilling, oilfields, engineering and environmental challenges including global warming / climate change. Impact of rising fuel costs on transport and transportation industry, aviation, rail travel, shipping, vehicle sales, car use, heating and air conditioning systems, building design and manufacturing. OPEC production quotas and their impact on global economic growth. Instability and revolution, impact of popular protests across Middle East oil producing nations. Government policy changes in Tunisia, Egypt, Libya, Yemen, Oman, Qatar, Kuwait, UAE, Saudi Arabia. Link between oil wealth and local unemployment. Inequalities of wealth and wealth distribution in future by governments keen to maintain political power. Impact of alternative energy production on oil consumption. Predictions for future energy costs. Video by conference keynote speaker Patrick Dixon, author of Sustainagility and Futurewise.

Page 78

EXIM POLICIES OF GREECE

Free Import when travelling within EU

Although there are no limits on the amount of alcohol and tobacco one can bring in from EU countries, customs officials are more likely to ask you questions if you have more than:

Tobacco products: 800 cigarettes; 400 cigarillos (max. 3g each); 200 cigars 1kg smoking tobacco

Alcoholic beverages:

10 litres of spirits over 22%; 20 litres of alcoholic beverages less than 22%; 90 litres of wine (though no more than 60 litres of sparkling wine); 110 litres of beer.

These quantities can be seized if customs are satisfied that they are of a commercial nature.

Page 79

 Free Import quantities when travelling from outside EU Alcohol and alcoholic beverages Over 17 years olds can bring (in personal luggage) the following quantities: 1 liter of alcohol that does not exceed 22% volume of alcohol, or undenatured ethyl alcohol 80% volume and over 2 liters of alcohol that does not exceeds 22% volume of alcohol

4 liters of still wine 16 liters of beer. The passengers can combine the first two types of alcohol as long the alcohol volume does not exceed 100%. Over 17 years old that belong to the following categories: Persons residing in the frontier zone (region beyond the expanding border of the European Unions including) Frontier-zone workers The crews of means of the transport used between third countries and the community may bring alcohol in the following quantities 0,5 liter of alcohol exceeding 22% volume, or un-denatured ethyl alcohol of 80% volume and over a total of 0,5 liter of alcohol and alcoholic beverages of an alcoholic strength not exceeding 22% volume 0,5 liter of still wine 2 liters of beer. The passengers can combine the first two types of alcohol as long the alcohol volume does not exceed 100%.

Page 80

Tobacco products When travelling by air or sea, over 17 years old can bring tobacco products for personal use only the following: 200 cigarettes or 100 cigarillos or 50 cigars or 250 g of smoking tobacco. Each amount specified in above points will amount to 100% of the total allowance for tobacco products. When travelling by land, over 17 years old can bring tobacco products for personal use only the following: 40 cigarettes or 20 cigarillos or 10 cigars or 50 grams of smoking tobacco. Each amount specified in all the points will amount to 100% of the total allowance for tobacco products. Other goods Medication for personal use only Personal items of non-commercial nature worth up to 430 euro when travelling by air or sea Personal items of non-commercial nature worth up to 300 euro when travelling by land Personal items of non-commercial nature worth up to 150 euro for travellers under 15 years of age. Non-commercial item are of an occasional nature and consist exclusively of goods for the personal or family use of the traveller, or of goods intended as

Page 81

presents. The nature and quantity of the goods must not be such as to indicate that they are being imported for commercial reasons.

Prohibited Meat and milk and any items thereof from non-EU countries with the exception of limited amounts from Andorra, Croatia, the Faeroe Islands, Greenland, Iceland and small amounts of specific products from other countries Protected species and products thereof as listed by the CITES (Washington Convention) for example ivory, tortoise shell, coral, reptile skin, wood from Amazonian forests.

Restricted pets need to be identifiable (tattoo or an electronic identification system), vaccinated against rabies and have a health certificate. For more information please refer to the nearest embassy. maximum of 10 kg of meat, milk and dairy products coming from Croatia, Frer Islands, Greenland and Iceland powdered milk for babies, food for children and special medical food (including pets food) may be allowed if they need not to be refrigerated prior opening and that it is brand packaged food and the packaging has original seal (unless in use at the time) and its quantity must not exceed the weight of 10 kg originating from Croatia, Frer Islands, Greenland and Iceland, and of 2 kg if originating in other countries.

fish only if it is disembowelled and does not exceed the weight of 20 kg,

Page 82

 currency - no restrictions if coming from EU country. Declarable for all travelling outside EU when the amount exceeds 10.000 euro or equivalent in another currency.

coats, fur and leather shoes made of protected animals will need special authorization

Page 83

PART-5 Potential for import / export in India / Gujarat Market Business Opportunities in future Conclusion and Suggestions

Page 84

PART-5 Potential for import / export in India /Gujarat Market Business Opportunities in future Conclusion and Suggestions

Potential for Import in India

With close to 70% of its oil requirements imported from more than 8 countries, India is a net importer of oil. The rest 30% is provided by the domestic oil production. Indias oil consumption has increased and the production almost remained the same. This did not take into account the recent findings of Reliance in KG basin. Even if they did find some other reserves the graph is not likely to be changed in the future. Starting in 1996 Indias imports exceeded its production. Indias production has been fairly consistent.

GRAPH-5

Page 85

Oil is the second largest fuel after coal. Nuclear and renewable account to a mere 2 % . The figures should be slightly different for 2009 but not radically different. Even coal usage is a little alarming but we have some reserves. Not the same case with oil. From the graph above the production is constant.

GRAPH-6

India imports more than 70% of its oil needs from several different countries with Saudi Arabia and Iran topping the list.

These 3 pictures give a holistic view of energy consumption in India, its oil usage and imports. One trend is clear. The oil production is not increasing, but the oil usage is increasing. And oil is a major factor in Indias energy equation.

If Indian consumers has to realize what they are consuming then they should realize how much they should pay for it. Right now they are not and that is a problem.
Page 86

Indian consumers are shielded from the global shocks thanks to the oil subsidies. This is not an incentive enough to bring in a behavioral change which is what we need to reduce our oil usage. India is likely to import less oil from Iran this fiscal year ending in March, compared with 2010/11. Iran is India's second largest crude oil supplier meeting about 11 percent of the South Asian country's imports. Tehran is facing Western sanctions over its nuclear plans that many say is aimed at making a bomb. Iran says it wants to produce power. The sanctions make it tough for importers to pay for Iran's oil. Indian purchases have been fraught with payment problems in the past 13 months after a clearing mechanism was scrapped. Indian refiners have since sought alternative

supplies."Iran constitutes a declining but a significant part of our energy imports," the government source said. "We will continue to buy crude from Iran to the extent possible. But Indian companies have to make their own decision taking into account the factors in the market."India's oil imports from Iran have declined from 21.8 million tonnes, or 16.43 percent of total imports, to 18.5 million tonnes or about 11 percent, in 2010/11. World's top oil exporter Saudi Arabia has offered extra oil to India, potentially to replace Iranian barrels. New Delhi has come up with elaborate trade and barter arrangements to pay for oil supplies

Potential for Export in India

Motor Oil Hellas (MOH) is major leading industry in Oil sector of Greece. MOH mostly doing import business in the Greece. In India MOH not any relation or business related to Oil sector because MOH mostly importing Oil in Greece so not possible to export to India in petroleum products sector, so no any potential business in India such as import and export by MOH, so MOH not any co-relation or potential to Indian or Gujarat petroleum market.

Page 87

 In India ONGC is one of the major leading petroleum industry Indian markets. ONGC also government petroleum industry in India so it never establish the any other petroleum industry in Indian markets, Greece never start up business in India so not any potential business such as import and export to India or Gujarat markets in Oil sector industry.

Business Opportunities in future SWOT ANALYSIS

Strengths Developing economy: Historically, demand for petroleum products has traced the economic growth of the country. With GDP expected to grow at near 7% in the longterm, the energy sector would benefit from the same, going forward.

To put things in perspective, diesel sales grew by nearly 12% (which constitutes 40% of the entire petro-products basket), petrol sales by 9% and a double-digit growth in LPG (liquefied petroleum gas) in 1QFY05. While this rate is not likely to sustain, we expect the industry to witness a 4% growth in the entire product basket in FY05 and beyond.

Consumption growth TABLE - 3

Page 88

Government decisions: The recent price increases and also the decision to allow oil companies to increase prices within a band of 10% augurs well for the industry.

This step is likely to reduce government interference and provide some autonomy to oil companies when it comes to increasing petrol and diesel prices in order to protect margins. Further, the duty cuts are also likely to result in reduced under-recoveries by way of subsidies on LPG and kerosene.

TABLE -4

Weakness:

Crude prices: Nearly 70% of India's crude requirements are fulfilled by imports and this figure is likely to increase going forward. Crude prices have breached the $45 barrier again and are likely to remain at around $40 per barrel range.

As per IEA, India is one of the most inefficient countries among developing nations as far as energy usage is concerned. Such high crude prices are likely to impact margins of oil marketing companies. Given the political implications, retail prices may continue to lag the rise in input cost.

Page 89

Lack of freedom: Although the government has decided to provide autonomy to oil companies to increase petrol and diesel prices within a 10% band, other products such as LPG and kerosene continue to remain under the government controlled price mechanism.

As per the current estimates, the subsidies on LPG amount to Rs 90 per cylinder after factoring in duty cuts and that on kerosene is over Rs 6 per litre.

While the government has managed to reduce its share in subsidies, select oil companies are being forced to absorb the losses.

Opportunities:

Equity Oil: Major oil marketing companies are now venturing into upstream exploration and production activities so as to secure crude supply.

To put things in perspective, IOC and OIL India are likely to jointly bid for oil fields aboard. At the same time, ONGC's wholly owned subsidiary, ONGC Videsh (OVL) has acquired stakes in over 9 countries in its quest to attain the 20 MMT (million metric tonnes) by 2020. This backward integration is an opportunity for IOC to secure at least 25% of its crude oil requirements for the refineries.

Natural Gas: Natural gas has the potential to be the fuel of the future with demand outpacing supply by more than two times. Such high scarcity of natural gas provides a big opportunity for oil companies. The below mentioned table indicates the allocation to the various core sectors and the shortage faced by them, thereby giving an idea of the potential for growth.

Page 90

TABLE -5

Although Petronet LNG has now started importing natural gas, the future holds promise as Reliance Industries' Krishna Godavari Basin goes into commercial production in FY06 and Shell commences its terminal at Hazira. More exploration activities are in the pipeline and this could reduce the country's dependence on crude in the long term.

Threats:

Competition: Until Oil-marketing companies had complete control over the downstream marketing business while private sector players were restricted to only refining.

However, with entry of private players such as Reliance, Essar Oil and Shell (in the waiting), the sector is likely to witness increased competition going forward. The oil PSUs had hitherto developed a fortnightly pricing mechanism, which is likely to discontinue.

The price of petrol and diesel is artificially kept high so as to cross-subsidize LPG and kerosene. Since private players will not be bound to provide for these subsidies, PSU marketing players are likely to suffer from lower throughput per outlet.

Page 91

Continuing government interference: During the first six months of the current fiscal year, the oil marketing companies were refrained from increasing product prices due to political reasons.

This affected margins of downstream players. Going forward, if the government interference continues, oil-marketing companies will be at a disadvantage.

Although we believe the industry is likely to witness increased competition, the initial retail rush by private sector players has slowed down. PSU marketing companies have already stepped up their expansion plans and to that extent, have created significant entry barriers for private players.

Although throughput per outlet (sales per outlet) is likely to decline in the future, we believe that any substantial entry of the private players would indirectly benefit the PSUs, as the government's pricing policy will not hold much water and the market forces would determine pricing.

Page 92

 Suggestions and conclusion

Conclsion A series of chains and independents filed for bankruptcy in 2011, leaving
more space for oligopolies to develop. Greece continued to fight against the recession during 2011, with prosperity indexes being at the lowest level since the start of the economic crisis. So At now the situation of the Greece is of good that can be done at any sector high or down Growth in the tertiary sector is booming. It accounts for nearly three-fourths of the GDP. the economic diversification led by the country, industry has replaced agriculture as a second source of income, behind services, and accounts for around 20% of the GDP. Greece had to be saved from bankruptcy by the International Monetary Fund (IMF) and the European Commission (EC), however the budgetary restriction measures adopted to restore public finances have taken their toll on growth. The Greek economy should not recover before 2012 and only if the country fully implement the restructuring program of its economy.

Page 93

Suggestions
Due to recession in Greece there are so many unemployed people are there so there government should done a project or make some bonds with outsiders to create a more jobs and money. If the people will get good job and good money then they will be a good customer and from that the Greece can be overcome to the recession

Taking advantage of human capital "Greece's greatest advantage is its human capital a highly educated workforce which is not being utilized and is idle and is being wasted," .

The McKinsey & Company report also found that businesses are hesitant to hire more workers because of inflexible legal requirements and collective labour agreements. There is also poor placement of young university graduates. Tourism Ioannides said tourism,which makes up 15 per cent of the country's economy,can improve in terms of "quality as well as quantity."

Ioannides said Greece's tourism must improve its competitiveness. He said Turkey, for example, is a major competitor, with its Mediterranean coast and antiquities, while offering packages at a lower prices.

The McKinsey & Company report also found that Greece needs to reform its "sun and beach" product by developing cruises and nautical tourism and building necessary infrastructure. The reforms, the reports estimates, could add 18 billion Euros annually by 2021. Manufacturing Manufacturing is the largest contributor to the Greek economy in terms of contributions to tax revenues and social security.

Page 94

But it lacks scale, modern and productive capacity and innovation.When it comes to food processing, the report found, Greece has "significant potential" to boost its output and exports in oils and fats, fruits and vegetables and dairy and bakery products, as the country has access to high-quality raw materials and produce. (Ironically, Greece only holds a 28 per cent share of the Greek feta market.)

It should prioritize export markets, the report states, increase its processing capacity by developing more processing and packaging facilities and establish the "Greek Foods Company." The private or public-private partnership company would pool production of small and medium production facilities and develop wholesale and retail networks in export markets.

These measures and others could add 120,000 more jobs to the economy by 2021, the report states. Rising stars The McKinsey report also identifies six rising economic sector stars that "offer the possibility of significant future growth." These are manufacturing of generic pharmaceuticals, aquaculture, medical tourism, elderly care, regional cargo hub development and waste management. Generic pharmaceuticals Greece appears committed to increasing its penetration of this market, as domestic and export sales show "great potential" for growth It suggests that with some changes, including a campaign that promotes generic drugs, product quality guarantees and further expansion of export markets, sales could increase to 2.2 billion in 2021 (from 1.2 billion in 2010).

Aquaculture While still small in size, Greece's fish farming industry is growing at three per cent a year and exports 80 per cent of its production. (The country produces almost half of the world's output of sea bass and sea bream.)
Page 95

The industry's competitiveness could be improved by expanding into Europe and broadening its products (mussels and larger, pricier fish like blue-fin tuna). Medical tourism Greece also has the potential to compete in the rapidly growing "middle market" of medical tourism but lacks a comprehensive national strategy and needed infrastructure. For example, the country has only one in-patient facility accredited by the international monitoring body Joint Committee International.

It should primarily focus on outpatient procedures, like eye surgery, cosmetics, fertility and create a strong brand and reputation as a medical tourism destination, the report states.

"There has to be a total aggregate approach to the development of the Greece economy," Ioannides said. "Has to be an approach that lifts everybody's spirits up."

Page 96

Bibliography
http://www.123helpme.com/view.asp?id=149802 http://www.greekamericanchamber.com/Trade-Mission.76.0.html http://www.indexmundi.com/greece/economy_profile.html http://www.startupoverseas.co.uk/starting-a-business-in-greece/accountingand-payroll.html
5.

1. 2. 3. 4.

http://www.indiainfoline.com/Economy/Economic-Survey/Economic-Survey2009-10/552167

6. 7. 8. 9.

http://en.wikipedia.org/wiki/Economic_Survey_of_India_2011 http://en.wikipedia.org/wiki/Economy_of_Greece http://www.dtpt.com/pdfs/Gujarat_KPMGReport.pdf http://www.fundinguniverse.com/company-histories/Hellenic-Petroleum-SACompany-History.html

10.

http://www.indexmundi.com/energy.aspx?country=gr&product=oil&graph=pro duction-growth-rate

11.

http://www.indexmundi.com/energy.aspx?country=in&product=oil&graph=con sumption

12. 13.

http://www.petroleumbazaar.com/ http://business.mapsofindia.com/india-petroleum-industry/future-of-indianpetroleum.html

14.

http://www.slideshare.net/MuzahidKhan/petroleum-products-import-exportindian-option

15. 16. 17.

http://www.iea.org/papers/2009/petroleum_pricing.pdf http://petroleum.nic.in/nelp4.pdf http://www.reuters.com/article/2012/04/03/greece-iran-oilidUSL6E8F32Q320120403

18. 19. 20. 21.

http://en.wikipedia.org/wiki/Hellenic_Petroleum http://www.answers.com/topic/oil-and-natural-gas-corporation-ltd http://www.ongcindia.com/history.asp http://profit.ndtv.com/News/Article/ioc-ongc-keen-to-buy-gujarat-gas-cairn-notinterested-295403

22.

http://www.dgft.org/export_import_exim_policy_india.html
Page 97

23. 24. 25.

http://www.heritage.org/index/country/greece http://www.google.com/images/indiangdp http://livingingreece.gr/2007/10/26/how-to-start-a-business-ingreece/#ixzz1sJWnzBua

26.

http://www.nationsencyclopedia.com/economies/Europe/Greece-FUTURETRENDS.html

Page 98