Greece, UAE agree joint investments in energy, other sectors (updated)

Motor Oil (Hellas) Corinth Refineries

09/05/2022 18:38

(Adds agreements on LNG, wind parks)
    ATHENS, May 9 (Reuters) - Greece and the United Arab
Emirates (UAE) on Monday agreed to jointly fund investments
worth 4 billion euros ($4.2 billion) in the Mediterranean
country and explore further cooperation in the energy sector,
the Greek prime minister's office said.  
    Prime Minister Kyriakos Mitsotakis met with Crown Prince
Sheikh Mohammed bin Zayed al-Nahyan in Abu Dhabi and discussed
ways to strengthen bilateral ties as well as the impact of the
war in Ukraine, his office said. 
    "The renewal of the successful collaboration between the
Hellenic Development Bank and Mubadala Investment Company and
the creation of a joint initiative for investments worth 4
billion euros is of pivotal importance," it said.
    Mitsotakis said there was room for further cooperation
between the European Union and the UAE on renewable energy.
    "Due to its geographical position, Greece has the potential
to become a gate for natural gas from the Middle East to
Europe," Mitsotakis added. "We would like to explore the
possibilities for further strategic cooperation and the
participation of funds from the UAE in this direction." 
    The two countries on Monday signed nine agreements on
technology, energy and health, among other sectors.
    Abu Dhabi National Oil Company (ADNOC) and Motor Oil Hellas
Corinth Refineries  MORr.A  agreed to explore opportunities for
the supply of liquefied natural gas in Greece, which could
include a planned floating storage and regasification unit off
Athens.
    Motor Oil and Abu Dhabi Future Energy Company (Masdar) also
agreed to develop offshore wind farms and other renewable energy
projects in Greece.
    As part of its effort to boost the share of renewables in
energy consumption to 35% by 2030 from around 23% now, Athens
wants to install offshore wind parks capable of generating 2
gigawatts by 2030, with required investments seen at 6 billion
euros. 
    ($1 = 0.9488 euros)

 (Reporting by Renee Maltezou; Additional reporting by Angeliki
Koutantou;
Editing by Mark Potter and Leslie Adler)
 ((renee.maltezou@thomsonreuters.com; +30 210 3376439; Reuters
Messaging: renee.maltezou.reuters.com@reuters.net))