Israel buys Greek steel company Hellenic Steel

Israeli Prime Minister Benjamin Netanyahu's cousin, Nathan Milikovsky, invested in the massive Greek steel conglomerate this year, while the prime minister pushed for a gas pipeline deal with Greece and Cyprus.

According to the report, at the end of June, Milikovsky's company Jordan International acquired Hellenic Steel, which for many years was the second largest steel company in Greece. The report notes that Hellenic Steel's plant in the vicinity of Thessaloniki was shut down for five years amid the economic crisis in Greece and only resumed operations last week thanks to new investments.

The report says that Jordan International is expected to invest around € 100 million in the facility, which is expected to produce around 350,000 tonnes per year.

Meanwhile, earlier this year, Israel's Gas Pipelines, the country's national gas conglomerate, signed a memorandum with IGI Poseidon, a joint venture between the State Gas Corporation of Greece and Italy's Edison SpA, to build a gas pipeline network. This project will connect the gas reserves of the eastern Mediterranean with the European market.