QATAR: Qatar Petroleum International Signs Strategic Alliance Agreement with Greek Company

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 (Photo Credit: Gulf Times)

Qatar Petroleum International (QPI) and GEK TERNA signed a definitive agreement to acquire an interest in the Heron II Power Plant, signalling QPI’s first investment in Greece, and the start of what promises to be a long and fruitful relationship between both companies.

The agreement was signed in Doha yesterday in the presence of His Excellency Dr. Mohammed bin Saleh Al-Sada, Minister of Energy and Industry, Mr.

Nasser Al-Jaidah, CEO of QPI, and Mr. George Peristeris, CEO of GEK TERNA Group. The signing was also 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.

Heron II Power Plant is currently 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.  Through this and other such strategic partnerships and ventures, QPI endeavors to continue to cooperate with energy players worldwide, in line with its position as an international energy investor.

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Commenting on the signing, His Excellency Dr. Mohammed bin Saleh Al-Sada, Minister of Energy and Industry 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.”

Mr. Nasser Al-Jaidah, CEO of QPI expressed his pleasure following the signing by saying, “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 Al-Thani, Executive Director for Gas and Power at QPI also commented on the signing saying, “I am pleased, as this is our first acquisition of an existing power generation asset.  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, Mr. George Peristeris, CEO of GEK TERNA Group said, “We are very pleased with the collaboration between QPI and our Group.  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. I would like to thank everyone involved from both parties for their dedication and professionalism and especially Dr. Theodore Theodoropoulos, Managing Director of QENERGY Europe, which is a subsidiary of GEK TERNA”

Reported by: Caye Global News

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