GEK TERNA Group CEO George Peristeris and QPI CEO Nasser al-Jaidah shaking hands after signing the agreement in the presence of HE Dr Mohamed bin Saleh al-Sada, Minister of Energy and Industry.

By Joseph Varghese/Staff Reporter

 

Qatar Petroleum International (QPI) and  GEK TERNA signed a definitive agreement  to acquire a 25% stake  in the Heron II Power Plant of Greece at a  function in Doha yesterday.

This is QPI’s first investment in Greece, and “the start of a long and fruitful relationship between both companies”, said QPI officials.  

The agreement was signed in the presence of HE  Dr Mohamed bin Saleh al-Sada, Minister of Energy and Industry, Nasser al-Jaidah, CEO of QPI, and George Peristeris, CEO of GEK TERNA Group.

The signing was attended by Sheikh Saoud bin Abdulrahman al-Thani, executive director for Gas and Power at QPI, and Dr Theodore Theodoropoulos, managing director of QENERGY Europe.

Speaking on  the occasion, Minister al-Sada, said: “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, and to ensure better living standards for all.  I am optimistic that this partnership will deliver all this and much more.”

Nasser al-Jaidah  commented: “We are very 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.”

Sheikh Saoud bin Abdulrahman said: “I would like to thank our team and the GEK TERNA team for their efforts to conclude this transaction.  QPI is constantly seeking to forge partnerships with leading companies to continue to compete, perform and succeed globally.  We are confident that we can achieve similar success with new partners.”

Speaking on behalf of GEK TERNA,  Peristeris said: “This is a milestone, not only for our company but also for Greece, as it is the first time that a Qatari state company and one of the top global players invests directly in a Greek energy asset.  I hope that it will be the first stage of establishing a sustainable and fruitful partnership.”

Heron II Power Plant is Greece’s most efficient power plant. The acquisition establishes a working relationship that holds much potential for projects and investments, not only in Greece, but across South Eastern Europe as well.

This move comes as part of QPI’s mission to drive Qatar’s global diversification, expansion and investment, according to an official.  “Through this and other such strategic partnerships and ventures, QPI endeavours to continue to co-operate with energy players worldwide, in line with its position as an international energy investor.”