Petroleum group Motor Oil Hellas’ intent to further bolster its position in the electricity market is highlighted by its decision to participate, with a 50 percent stake, in a new natural gas-fired power station being jointly developed with GEK Terna in Komotini, northeastern Greece.
More specifically, MOH’s involvement in this project can be linked to three key strategic reasons: vertical integration; market diversification beyond the refining sector; and the market role of the group’s planned FSRU in Korinthos, the Dioryga Gas project.
MOH’s participation in the Komotini natural gas-fired power station, coming as an addition to another such unit, Korinthos Power, in which the petroleum group holds a 35 percent stake, is expected to further bolster its vertical integration in the electricity market.
MOH, in the retail electricity market, is represented by supplier NRG, a company displaying dynamic growth with market share gains.
The group’s acquisition of a 50 percent stake in the Komotini power plant, to offer an 877-MW capacity, will boost its presence in electricity production and creates further opportunities for trade synergies.
The group’s Dioryga Gas project in Korinthos promises to supply large LNG quantities to the Komotini power station.
According to some sources, MOH is also discussing a possible entry, as a stakeholder, into other natural gas-fired power stations that are currently being developed, so that these, too, may be supplied with LNG by the group.