Petroleum group Motor Oil, making gradual, carefully considered and targeted adjustments to meet demands of the renewable energy era, has added 47 MW to its RES portfolio through the acquisition of shares in two companies, Radiant Solar Holdings and Greensol Holdings, at a total cost of 45.8 million euros, the group’s second RES sector initiative in three months.
These stakes were previously held by METKA EGN, a member of the Mytilineos group.
Motor Oil’s move into the RES market will not feature the same traits and coverage of other refining and energy sector companies, officials at the corporate group have informed. However, Motor Oil officials see diversification as necessary for a reduction of the group’s carbon footprint.
The group also plans to develop solar energy parks at its refining units as an energy-saving initiative.
Last October, Motor Oil acquired an 85 percent stake of Stefaner Energy, holding three wind energy production licenses with a total capacity of 9.4 MW.
Motor Oil is conducting a feasibility study for the development of a 120-MW LPG-fueled combined cycle power power plant on Crete, an investment with a budget estimate of 100 million euros, deputy managing director Petros Tzannetakis (photo) has informed analysts during a conference call.
A finalized investment decision on the Crete project will be made early in 2020, the deputy chief added.
The energy group is continuing its gradual penetration of the renewable energy market and considering various small-scale projects, the company focus, Tzannetakis noted.
Motor Oil recently acquired Stefaner Energy, holding three wind energy station licenses with a total capacity of 9.4 MW. The energy group is considering projects that would capitalize on the right opportunities, Tzannetakis said, responding to questions on Motor Oil’s renewable energy plans.
Motor Oil is now preparing to proceed with a 310 million-euro investment for an upgrade of its Corinth refinery for production of higher-octane gasoline, the deputy informed, adding this project is expected to begin in January.
Tzannetakis, during the teleconference, supported Motor Oil’s refining facilities are ready to meet tougher standards set by the International Maritime Organization (IMO) for marine fuels with lower sulfur content.