Motor Oil, Gek Terna team up on 375-mln-euro energy investment

Motor Oil and Gek Terna announced they will jointly develop, construct and operate a new state-of-the-art combined cycle natural gas turbine station with a combined capacity of 877 MW in the industrial area of Komotini, northern Greece.

This is one of the most important investments in the Greek energy market, amounting to 375 million euros, which will create about 500 jobs during the construction period and 100 positions during the operating period.

The technology of the main equipment selected for the station is the most modern and will lead to very high degrees of overall net efficiency. The goal is for the construction of the new unit to start within 2021, in order to be put into commercial operation at the beginning of 2024. The construction work will be undertaken by Terna. In the joint company that will develop the station, each of the two parties will participate with a percentage of 50 percent. The above agreement is subject to the approval from authorities.

Motor Oil is a modern energy group with a leading role in the field of crude refining and trading of petroleum products in Greece and the wider eastern Mediterranean region. The group has a presence in the electricity and gas sector through its subsidiary NRG Supply and Trading S.A., which is a comprehensive provider offering energy solutions to domestic, commercial and industrial customers. Additionally, NRG is a pioneer in the field of electric propulsion. Motor Oil is also active in the market of Renewable Energy Sources (RES), systematically expanding its presence in this sector.

Gek Terna holds a leading position in the fields of infrastructure, concessions, production, supply and marketing of electricity and waste management. Through IRON, it was the first private group to build and operate a natural gas power plant in Greece in 2004 (IRON 1). Today it participates in two power stations with natural gas fuel (HERON 1 & 2), while through HERON it plays a leading role in the market of electricity and natural gas supply.