Mytilineos and Motor Oil sign energy agreement

Metals and energy group Mytilineos has signed a power production agreement with Greece’s second-largest refinery, Motor Oil, as part of plans to expand in the sector. Mytilineos will pay 59.5 million euros through a share capital increase to acquire a 65 percent stake in Corinth Power, which has a license to operate a plant to be built near Corinth, and which is 35 percent-owned by Motor Oil. «The construction of the new combined-cycle station is scheduled to begin by January 2009 and will be undertaken by Metka, a subsidiary of Mytilineos,» Mytilineos said in a statement. The scheduled completion date is April 2011 and the total investment will amount to 285 million euros.