Energy pair-up is in the cards

Two of the country’s biggest energy groups, Motor Oil (MO) and Mytilineos, said yesterday they are in talks about cooperating in electricity production. MO said in a stock filing that Endesa Hellas, a subsidiary of the Mytilineos Group and Spain’s Endesa, is mulling its entry into Korinthos Power, an MO subsidiary that has a permit for a combined-cycle production unit of 400 megawatts. Iberdrola’s departure from the project made MO look for another candidate to form a strategic partnership with. Mytilineos also confirmed yesterday in a bourse filing that it is negotiating with MO, without giving further details, following reports that Endesa Hellas may acquire 75 percent of Korinthos Power. Kathimerini understands the talks are at an advanced stage. (Kathimerini, Bloomberg)