Qatar firm buys stake in Greek power plant

heronQatar Petroleum International (QPI) has signed an agreement with Greek firm GEK TERNA to acquire a 25 per cent stake in GEK TERNA's Heron II Power Plant

The partnership agreement, which signals QPI’s first investment in Greece, was signed recently in the presence of Qatar’s minister of energy and industry Mohammed bin Saleh Al Sada, QPI CEO Nasser Al Jaidah and GEK TERNA Group CEO George Peristeris.

Al Sada said, “This agreement marks special significance as it kicks off QPI’s efforts in terms of investment in power sector in the next two years.”

A QPI statement said that the move has come as part of the company’s mission to drive Qatar’s global diversification, expansion, and investment. “Through this and other such strategic partnerships and ventures, QPI will endeavour to continue to cooperate with energy players worldwide, in line with its position as an international energy investor,” it added.

Al Sada noted, “This agreement is just one example of Qatar’s standing as a global energy supplier and its commitment to bring energy to power plants, factories, households and other facilities across the world to ensure better living standards for all.”

QPI CEO Nasser Al Jaidah said, “We are pleased to be entering into a new and strategic partnership with GEK TERNA. Both our companies are dedicated to a high level of professionalism and integrity and the strong synergistic fit between both parties provides an ideal opportunity for a highly effective strategic alliance.”

GEK TERNA Group CEO George Peristeris said, “This is a milestone, not only for our company but also for Greece, as it is the first time that a Qatari company is investing directly in a Greek energy asset. I hope that it will be the first stage of establishing a sustainable and fruitful partnership.”

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