GEK TERNA Real Estate Construction S A : MOTOR OIL - GEK TERNA Commencement of the construction of the Natural Gas Plant in Komotini
September 02, 2021 at 02:52 am EDT
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The Groups of MOTOR OIL and GEK TERNA have signed the contract for the construction of the Combined Cycle Gas Turbine (CCGT) Power Plant fueled with natural gas at Komotini area, marking the beginning of the construction of the project.
Thermoilektriki Komotinis, a company in which Motor Oil Renewable Energy (MORE) and GEK TERNA jointly participate in, with a stake of 50% each, assigned the construction of the plant to TERNA S.A., which also signed a supply contract with Siemens for the procurement of basic equipment of the 877 MW generating unit.
The total cost of the investment is estimated at 375 million euros.
During the construction phase 500 jobs will be created and another 100 permanent job positions during the commercial operation of the plant.
The power plant is scheduled to be commissioned for commercial operation early in the year 2024.
The construction of the new state-of-the-art plant is of strategic importance, as it will cover the increased electricity demand, which will be created due to the gradual withdrawal of lignite production units in our country. It is significant not only for the development of the region, but also for the energy security of the country.
GEK Terna Holding Real Estate Construction SA published this content on 02 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 September 2021 06:51:06 UTC.
GEK TERNA Holdings, Real Estate, Construction S.A. is a holding company organized around 5 areas of activity:
- electricity production (73,1% of net sales): from renewable energies and from natural gas ;
- infrastructure construction (21.3%): power plants, highways, etc.;
- infrastructure management under concession agreements (5.1%): highways, parking lots, etc.;
- production of industrial facilities and construction materials (0.4%): pylons, struts, wood constructions, cements, etc. ;
- real estate development and property management (0.1%).
Net sales are distributed geographically as follows: Greece (93.2%), Balkans (5.3%), Eastern Europe (0.8%) and others (0.7%).
GEK TERNA HOLDINGS, REAL ESTATE, CONSTRUCTION S.A. 
