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Greece, UAE Agree Joint Investments In Energy, Other Sectors | |
| Staff Writer |
According to a recent report by Reuters, Greece and the United Arab Emirates (UAE) have come to an agreement to jointly fund investments worth 4 billion euros ($4.2 billion) in Greece and further cooperation in the energy sector, the Greek prime minister's office said.
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Prime Minister Kyriakos Mitsotakis met with Crown Prince Sheikh Mohammed bin Zayed al-Nahyan in Abu Dhabi and discussed ways to strengthen bilateral ties as well as the impact of the war in Ukraine, his office said.
The renewal of this successful collaboration between the Hellenic Development Bank and Mubadala Investment Company which is a total investment of 4 billion euros will play a critical role in the affairs of both the Middle East and the Mediterranean. The Greek Prime Minister foresees a joint future and room for cooperation between the European Union and the UAE on renewable energy.
"Due to its geographical position, Greece has the potential to become a gate for natural gas from the Middle East to Europe," Mitsotakis added. "We would like to explore the possibilities for further strategic cooperation and the participation of funds from the UAE in this direction."
The two countries signed a total of nine agreements including on technology, energy, and health, among other sectors.
ADNOC and Motor Oil Hellas Corinth Refineries have also decided to look at possible collaborations on the supply of liquefied natural gas in Greece, which could include a planned floating storage and regasification unit off Athens.
Motor Oil and Abu Dhabi Future Energy Company (Masdar) are also expected to develop offshore wind farms along with other important renewable energy projects in Greece.