ExxonMobil plans to invest 5 billion in Greek fossil fuels

ExxonMobil plans to invest 5 billion in Greek fossil fuels

US oil major ExxonMobil plans to invest around 5 billion euros in the development of hydrocarbon deposits off Greek shores, Kathimerini understands.

The company, whose former chairman and CEO Rex Tillerson was appointed US Secretary of State by President Donald Trump, will join the consortium between France’s Total and Hellenic Petroleum (ELPE) for the development of a 20,000-square-kilometer maritime area stretching from south of the Peloponnese to Greece’s southernmost island of Gavdos.

Total plans to invest another 5 billion euros.

As reported by Kathimerini, the companies want to include the project in the fast-track process of Greece’s investment law, designed to facilitate strategic investment projects.

The consortium wants to start surveys before the end of the year.

Senior representatives of ELPE and the two multinationals met with Deputy Prime Minister Yiannis Dragasakis and Energy Minister Giorgos Stathakis on May 19. Sources said that they also held talks Prime Minister Alexis Tsipras but the meeting was not announced to the press.

Subscribe to our Newsletters

Enter your information below to receive our weekly newsletters with the latest insights, opinion pieces and current events straight to your inbox.

By signing up you are agreeing to our Terms of Service and Privacy Policy.