20 September 2010
Greece – International Companies in Partnership with Major Greek Energy Players
Teaser (if needed): International companies in partnership with major Greek energy players, ready to
exploit opportunities in the Greek Energy market, which values 20 billion Euros.
MYTILINEOS & ENDESA: ENDESA HELLAS
Mytilineos has recently acquired 100% of Endesa Hellas. The venture began as a partnership with the Spanish
Endesa, which was later acquired by the current vendor, Italy’s Enel. The company will have a portfolio of 1.2
gigawatts of installed capacity from thermal power plants in operation by 2011, and more than 800 megawatts
from other renewable energy sources.
MYTILINEOS & MOTOR OIL: KORINTHOS POWER & M and M NATURAL GAS S.A.
In 2009, a joint venture agreement was signed between Mytilineos Group and Μotor Oil (Hellas) Corinth
Refineries for the joint construction, operation and exploitation of a 437MW combined-cycle gas turbine power
plant within the Μotor Oil facilities.
Mytilineos Group injected 59.4 million Euros into the project, called Korinthos Power, acquiring 65% of shares.
Total investment for this project is 285 million Euros.
The two companies also announced the establishment of a new company under the legal name “M and M
NATURAL GAS S.A., where they will participate with a 50% stake each in the initial share capital of two million
(2,000,000) Euros. The company will engage in the supply and trading of natural gas.
MOTOR OIL & SHELL HELLAS
MOTOR OIL (HELLAS) S.A. acquired from “SHELL OVERSEAS HOLDINGS LTD” 100% of the shares of SHELL
HELLAS S.A. The agreement includes Shell's operations in retail, commercial and industrial fuels, bitumen,
supply and distribution operations, liquefied petroleum gas (LPG), chemicals and a lubricants production blending
plant. Regarding the LPG business, Shell Gas S.A. will be renamed Coral Gas S.A., and will continue to operate
in the liquefied petroleum gas sector under its new name.
HELLENIC PETROLEUM (ELPE) AND ELLAKTOR: ELPEDISON ENERGIAKI
The company Elpedison is the 50/50 joint venture of the Italian Edison and Hellenic Petroleum (ELPE). ELPE and
the construction company Ellaktor have recently become partners in a new joint venture ELPEDISON Energiaki,
and their target is to reach installed capacity of 1.500-2,000 MW.
GEK –TERNA & GDF SUEZ
GEK TERNA and the French GDF SUEZ have entered on 11 December 2008 a partnership wherein both groups
hold a 50% stake in the two power plants of TERNA.
GEK TERNA is a major Greek private power production, construction, real estate and concession group, with
extensive experience in the Greek energy market.
COPELOUZOS & GAZPROMEXPORT LTD: PROMETHEUS GAS
PROMETHEUS GAS S.A. is a Greek – Russian joint company, established in 1991 in Athens. The Russian
natural gas export company GAZPROMEXPORT LIMITED, on behalf of OAO GAZPROM, holds 50% of the
shares. COPELOUZOS GROUP holds the other 50% of the shares.
The activities of Copelouzos Group and Prometheus Gas S.A. include the import and trade of Russian natural
gas in the Greek Market and the development of necessary infrastructure, the construction of natural gas
transmission pipelines, compressor stations and city natural gas distribution networks.
PROMETHEUS SA (COPELOUZOS) & Enel Green Power
COPELOUZOS and the Italian Enel Green Power have been partners since December 2008. The Enel Group is
promoting investment on wind energy in Crete (Domiki Kritis). In a joint venture with Copelouzos Group, they
have obtained the first license for the construction of a power plant in Southern Greece.
For further information please contact Mrs. Caterina Drossopoulou, Commercial Officer, British Embassy Athens