BUSINESS

Terna and Motor Oil to build plant

terna-and-motor-oil-to-build-plant

The agreement between Motor Oil and GEK Terna for the joint construction and operation of a new combined-cycle power plant using natural gas changes the landscape of the energy market.

The two Athens-listed companies on Friday announced their cooperation in the development, construction and operation of the new unit in a total investment of €375 million in the Industrial Area of Komotini, in Thrace. The project is set to create some 500 jobs during its construction and 100 permanent jobs during its operation. The two companies’ target is to start building the energy plant within 2021, so that it can start operating from early 2024.

The participation of Motor Oil in the project GEK Terna has been planning since 2019, proceeding with the licensing, signals the more active involvement of the Vardinogiannis group in the electricity market in the context of the oil giant’s energy transition – which is being accelerated due to the increase in the cost of carbon dioxide pollutants.

The plant at Komotini will be the second private plant in Greece after that by Mytilineos which is already under construction and will start operating next May.