MYTILINEOS HOLDINGS S.A. hereby announces the establishment jointly with the MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. of a company under the legal name "M and M NATURAL GAS S.A.", trade name "M & M GAS Co S.A." and the commencement of its operations.
The two partners will participate with a 50% stake each in the initial share capital of two million (2,000,000) Euros of the newly established company which will engage in the supply and trading of natural gas (in liquefied or other form).
The objective for the establishment of the company is twofold:
1. To fulfill the needs of the MYTILINEOS and MOTOR OIL Groups in natural gas under competitive economic terms
2. To sell natural gas to third parties
M and M NATURAL GAS S.A. is expected to contribute to the liberalization of the natural gas market and further more will help establish the conditions of healthy competition in the electricity production market
The company was registered in the Societes Anonymes Registry of Greek Companies on August 8th, 2010 and its headquarters will be located within the MYTILINEOS GROUP headquarters at Marousi (5-7 Patroklou str.).