Memoranda of Understanding between MORE, MASDAR and ADNOC for investment opportunities in Greece

10 May 2022

On Monday the 9^th of May 2002 in Abu Dhabi, representatives of MORE (Motor Oil Renewable Energy) signed two Memoranda of Understanding with MASDAR and ADNOC respectively. Both agreements came in to demonstrate the common understanding between the parties. They aim in the formation of a structured framework of cooperation and development concerning new investment possibilities and potential opportunities in Greece.

Motor Oil is a leading energy group based in Greece. MORE as a subsidiary of Motor Oil Group, playing a major role in its target towards energy transition to new and carbon neutral energy sources.

MASDAR is a global leading developer and operator of utility-scale renewable energy projects, and energy services. Abu Dhabi National Oil Company (ADNOC) is one of the world's leading energy producers.

Mr. Victor Papakonstantinou MORE's General Manager with Mr. Mohamed Jameel Al Ramahi, MASDAR's CEO

The Memorandum of Understanding between MASDAR and MORE aims at new investments and the development of joint Renewable Energy projects, including electricity generation and energy storage. The potential development of Offshore Wind farms in Greece is also a field of common interest.

Abu Dhabi National Oil Company (ADNOC) and MORE wish to explore potential opportunities of active collaboration in the upcoming FSRU terminal of Dioriga Gas at the region of Agioi Theodori, that MORE is developing, and in the supply of LNG cargoes in Greece.

Mr. Victor Papakonstantinou MORE's General Manager with H.E. Dr Sultan Al Jaber, Managing Director and CEO of ADNOC Group

With a series of initiatives and collaborations, Motor Oil Group and its subsidiary MORE, are consistently moving forward with investments towards a sustainable future.