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    Greece, UAE pledge $4.2bn in joint energy, other investments

Summary

A framework deal was signed on potential LNG supply to a planned FSRU in Greece.

by: NGW

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Greece, UAE pledge $4.2bn in joint energy, other investments

 Greece and the UAE have agreed to jointly fund investments worth €4bn ($4.2bn) in energy and other sectors of the Greek economy, their governments said on May 10.

A memorandum of understanding on the initiative was signed during a visit by Greek prime minister Kyriakos Mitsotakis to Abu Dhabi, where he met with crown prince Sheikh Mohammed bin Zayed al-Nahyan. The two men discussed ways that Greece and UAE could expand their bilateral ties, as well as the impact of Russia's war in Ukraine.

"Due to its geographical location, Greece has the potential to become a gateway for natural gas from the Middle East and from the southeast Mediterranean to Europe," Kyriakos said in a statement, shared by his office. "Significant investments are being made in this direction, and we would like to explore further the possibility of strategic cooperation and involvement of funds from the UAE."

Greece already receives LNG from the Middle East and other regions at its 7bn m3/ year Revithoussa regasification terminal. A final investment decision was taken on constructing a second, 5.5bn m3/yr terminal off the coast of Alexandroupolis in January, and three more projects have also been proposed.

One of those projects is Dioriga Gas FSRU, which is being developed by Greek firm Motor Oil. During the talks, Motor Oil signed a framework agreement with Abu Dhabi-based ADNOC on potential LNG supply to the Dioriga plant, and other potential cooperation on the project.

The Dioriga facility is tentatively scheduled for launch in 2023, and will have a regasification capacity of 2.5bn m3/yr.