Greece, UAE agree joint investments in energy, other sectors

ATHENS, Might 9 (Reuters) – Greece and the United Arab Emirates (UAE) on Monday agreed to collectively fund investments price 4 billion euros ($4.2 billion) within the Mediterranean nation and discover additional cooperation within the power sector, the Greek prime minister’s workplace stated.

Prime Minister Kyriakos Mitsotakis met with Crown Prince Sheikh Mohammed bin Zayed al-Nahyan in Abu Dhabi and mentioned methods to strengthen bilateral ties in addition to the impression of the struggle in Ukraine, his workplace stated.

“The renewal of the profitable collaboration between the Hellenic Improvement Financial institution and Mubadala Funding Firm and the creation of a joint initiative for investments price 4 billion euros is of pivotal significance,” it stated.

Mitsotakis stated there was room for additional cooperation between the European Union and the UAE on renewable power.

“As a consequence of its geographical place, Greece has the potential to turn into a gate for pure fuel from the Center East to Europe,” Mitsotakis added. “We want to discover the chances for additional strategic cooperation and the participation of funds from the UAE on this route.”

The 2 international locations on Monday signed 9 agreements on expertise, power and well being, amongst different sectors.

Abu Dhabi Nationwide Oil Firm (ADNOC) and Motor Oil Hellas Corinth Refineries agreed to discover alternatives for the availability of liquefied pure fuel in Greece, which may embrace a deliberate floating storage and regasification unit off Athens.

Motor Oil and Abu Dhabi Future Vitality Firm (Masdar) additionally agreed to develop offshore wind farms and different renewable power initiatives in Greece.

As a part of its effort to spice up the share of renewables in power consumption to 35% by 2030 from round 23% now, Athens desires to put in offshore wind parks able to producing 2 gigawatts by 2030, with required investments seen at 6 billion euros.

($1 = 0.9488 euros)

Reporting by Renee Maltezou; Extra reporting by Angeliki Koutantou;
Modifying by Mark Potter and Leslie Adler

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