ECONOMY

Mytilineos, Motor Oil get green light on gas company

Mytilineos Holdings and Motor Oil Hellas said on Tuesday that jointly held company M and M Natural Gas has received a license in Greece to supply natural gas.

?This license, issued on Monday, grants to M and M Natural Gas the right to sell natural gas to eligible customers,? Mytilineos said in a filing to the Athens bourse.

The license has been issued for a term of 20 years, it added.

The companies have said they will use the gas for their own industrial purposes and intend to sell it to third parties in a bid to break the monopoly held by state gas company DEPA.

Each company will hold a 50 percent stake in M and M, which will have an initial share capital of 2 million euros.

Shares in Mytilineos added 4.97 percent to 5.49 euros on the Athens bourse on Tuesday versus gains of 0.98 percent on the broader market.

Stocks in Motor Oil underperformed, sliding 0.21 percent to 9.33 euros.