Motor Oil’s MORE subsidiary eyes new RES projects, steps abroad, storage

MORE (Motor Oil Renewable Energy), the Motor Oil group’s new green-energy subsidiary, just officially presented, will strive for further RES portfolio growth, expected to reach 1 GW once an agreement with ELLAKTOR is finalized, involvement in new green technologies, including energy storage, as well as expansion abroad as its next steps.

MORE already ranks as one of the country’s biggest RES producers, following its agreement with ELLAKTOR, officials noted during yesterday’s official presentation of the Motor Oil subsidiary.

MORE stands to be a company with an EBITDA figure of approximately 130 million euros and capital investments of 1.6 billion euros, they said.

Speaking at MORE’s presentation, Petros Tzannetakis, Motor Oil’s deputy managing director, described the new subsidiary as a significant pillar in Motor Oil’s development as a vertically integrated energy group.

Victor Papakonstantinou, MORE’s general manager, noted Motor Oil group’s involvement with renewable energy is a conscious choice as both the sun and wind are key features of Greece, represent low energy production cost, have a small environmental footprint, and enable electricity generation close to points of consumption, facilitating distribution.

MORE is aiming to complete its deal with ELLAKTOR by the end of the year, company officials noted.

RAE approvals steps towards new FSRUs off Corinth, Thessaloniki

RAE, the Regulatory Authority for Energy, has approved Elpedison’s Thessaloniki FSRU project as well as the final phase of a market test for Motor Oil’s FSRU plan, Dioryga Gas, off Corinth, west of Athens.

For Elpedison, the authority’s approval essentially signals the go-ahead for the Thessaloniki FSRU (floating storage unit) as the decision awards a 50-year project license until 2072.

A 50-50 joint venture involving Elpedison’s two partners, Edison and HELLENiQ, formerly known as Hellenic Petroleum (ELPE), the Thessaloniki FSRU will be developed at the Thermaic Gulf, just a few kilometers from Dock 6 at Thessaloniki port.

The Thessaloniki FSRU, planned to consist of four storage tanks offering a total of 170,000 cubic meters, is scheduled to be launched in 2025.

Besides approving guidelines for the final phase of Motor Oil’s market test concerning the Dioryga Gas FSRU project off Corinth, RAE also approved a capacity boost for this project, to 210,000 cubic meters from 170,000 cubic meters, as had been specified in the project’s original license, as well as Diorygas Gas’ transfer to Motor Oil’s MORE subsidiary, also hosting the petroleum group’s RES projects.