The companies MYTILINEOS HOLDINGS S.A. and MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. agreed to cooperate through the company KORINTHOS POWER S.A. for the construction, operation and utilization of a combined cycle power production plant fuelled with natural gas. The plant will be located within the facilities of MOTOR OIL at Agii Theodori of Korinthos.
The two companies entered into a Joint Venture Agreement which provides that the percentage stake of MOTOR OIL (HELLAS) S.A. in KORINTHOS POWER will be 35% while the respective stake of MYTILINEOS HOLDINGS S.A will be 65% and it is expected to form part of the overall energy portfolio of ENDESA HELLAS S.A.
The above are subject to the approvals by the relevant competent authorities (Ministry of Development, Regulatory Authority for Energy, Hellenic Competition Commission).