Qatari oil firm acquires stake in local thermal plant

Qatar Petroleum International (QPI) on Wednesday paid GEK Terna $48 million for a 25 percent stake in Heron II, making the Qatari state company the third partner in the thermoelectric power plant in Viotia, central Greece. GEK Terna still holds 25 percent of Heron II while Gaz de France Suez holds the remaining 50 percent stake.

In a special event on Wednesday in Athens, GEK Terna and QPI confirmed their strategic partnership in the energy sector in the presence of Deputy Minister for Energy Asimakis Papageorgiou, who described the Qatari state firm’s entry into the local electrical energy sector as a vote of confidence in the recovery and prospects of the Greek economy.

QPI CEO Nasser Al-Jaidah said the completion of the agreement constitutes a “new landmark” for the strategic partnership with GEK Terna, “which will further support the consolidation of Qatar as an international supplier of energy. We believe that in Greece and in GEK Terna we have found a reliable partner.”