Motor Oil and Mytilineos Team Up in Gas Market - The Best from Greece
Posted on: 28/Nov/2009
Motor Oil Hellas, Greece’s second-biggest refiner, and Mytilineos Holdings have set up a joint company to import and sell natural gas in Greece and abroad.
The companies said they will use the gas for their own industrial purposes and intend to sell it to third parties, according to a joint statement yesterday. An initial shipment of 65,000 cubic meters of liquefied natural gas has already been ordered and will be delivered on Wednesday to the state-owned Revythousa storage unit, the companies said. Earlier this month, Mytilineos CEO Evangelos Mytilineos announced the company’s intention to break the monopoly held on the energy source by state gas company DEPA.
Shares in Motor Oil fell 2.80 percent on the Athens bourse to 10.40 euros versus a 6.21 percent slide yesterday on the broader market.
Mytilineos shares tumbled 8.23 percent to 5.02 euros.
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