Motor Oil (Hellas) Corinth Refineries SA

09/02/2021 | Press release | Distributed by Public on 09/02/2021 01:20

Commencement of the construction of the CCGT power plant in Komotini from the groups MOTOR OIL and GEK TERNA.

With reference to a previous announcement dated 11 June 2021 and following approval by the Competition Authority dated 23 August 2021, it is hereby announced that the groups MOTOR OIL and GEK TERNA have signed the award for the construction of the Combined Cycle Gas Turbine power plant fueled with natural gas at the Komotini Industrial Area which denotes the commencement of the construction of the project.

KOMOTINI THERMOELECTRIC, a company which will develop the power plant with sole and equal shareholders the companies Motor Oil Renewable Energy (MORE) and GEK TERNA, assigned the construction of the CCGT to TERNA A.E. which in turn entered into an agreement with SIEMENS for the supply of the main equipment to be used for the construction of the plant of 877 MW capacity.

The total capital expenditure of the project is estimated at Euro 375 million. The commencement of the commercial operation of the plant is expected early in the year 2024.

The construction of the new modern CCGT power plant is of strategic importance with regards to meeting the energy needs of the country due to the projected gradual closure of lignite power plants.

Maroussi, 2 September 2021

The Board of Directors