Greece plans to buy 1 billion cubic meters of gas from Azerbaijan annually as of 2011, Greek Development Minister Christos Folias said Monday.

He said Greece would be interested in intensifying energy supplies by the Azerbaijan-Turkey-Greece-Italy corridor, Itar-Tass reported.

Azerbaijani Minister of Industry and Energy Natik Aliyev said, "There are a number of problems in gas supplies to Greece."

The two countries have yet to sign an agreement on the purchase and sale of gas.

"In addition, it is necessary to sign a transit agreement with the government of Turkey to ensure the transportation of gas to Greece," the minister said.

Aliyev also noted that Turkey and Greece had already signed a bilateral agreement on gas supplies and there is a similar trilateral agreement between Turkey, Greece and Italy.

"Now Azerbaijan has to make up its mind as to whether it join these documents or sign a four-party agreement on gas supplies to Greece and then to Italy," the minister said.

Gas from Azerbaijan's Shakh Deniz field containing 1,200 billion cubic meters is supplied to Turkey by the Baku-Tbilisi-Erzurum pipeline with a capacity of up to 20 billion cu m.

Egypt to build 11 new power stations

Egypt is constructing 11 new power stations to help meet the country's growing local energy demands and the needs of the country's ambitious development program, Egyptian Electricity Minister Hassan Yunis said Monday.

The new stations will be operational by 2012, MENA reported.

Egypt is keen on diversifying its energy resources, he said, citing the Egyptian solar-powered station in al-Kuraimat, south of Cairo at a capacity of 150 MW. It is the fourth such station in the world, he said.

A number of hydraulic power generation stations have been set up across Egypt to be added to those already operating in Damietta, the Delta and Naga Hamadi, the minister said. Also the High Dam turbines have been renewed, he said.

Egypt is cooperating with the International Atomic Energy Agency to implement its plans to establish electronuclear stations to produce electricity through nuclear means, he added.

Georgia resumes imports of Russian electricity

Georgia has resumed imports of Russian electricity through the Kavkasioni high-voltage power line.

The supplies were suspended last week because of repairs to the line, a source at the Electric System Commerce Operator told Interfax.

Georgia is importing 1.7 million kilowatt/hours of Russian electricity daily, which is three times less than pre-repairs supplies, the source said.

However, it is now unnecessary for Georgia to import up to 3 million kilowatt/hours of Russian electricity through Abkhazia and electricity from Azerbaijan, he said.

"At present Georgia receives nothing but Russian electricity and 0.8 million kilowatt/hours of Turkish electricity per day," the source said.

The purchase of Russian and Turkish electricity will soon become unnecessary, as "local hydropower plants will produce enough electricity to meet domestic demand and as well as export power," he said.

So far Georgia produces 22.7 million kilowatt/hours of electricity daily. All this electricity comes from hydroelectric plants.

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Closing oil prices, Mar. 18, 3 p.m. London

Brent crude oil: $108.41

West Texas Intermediate crude oil: $108.98

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(e-mail: energy@upi.com)