Mytilineos breaks gas monopoly

Metals and energy group Mytilineos will import liquefied natural gas (LNG) to Greece, breaking the monopoly held on the energy source by state gas company DEPA, it said yesterday. Mytilineos CEO Evangelos Mytilineos told an energy conference that by the end of the month his company will have imported by ship 65,000 cubic meters of natural gas purchased from Italy’s Eni. The company has secured ample storage space for the natural gas at the state-owned Revythousa unit, he added. Meanwhile, Mytilineos yesterday reported an increase in nine-month net profit despite a sharp drop in revenues arising from the delayed completion of projects and the suspension of operations of its Romanian subsidiary. Mytilineos, which has a market value of some 694 million euros, said that its nine-month net profit rose to 18.3 million euros, up from 15.3 million euros in the same period a year earlier. Revenues plummeted to 486 million euros from 734 million for the group that is a major producer and trader of aluminum and alumina in the Balkans. Mytilineos is also active in electricity plant construction and power generation. Subsidiary Metka, Mytilineos’s power plant construction unit, has an order backlog of 2.2 billion euros after the recent signing of projects in Turkey, the company said in a statement.

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