Qatar plans $6.6b energy projects in Greece

04 May 2010

(MENAFN) Qatar and Greece announced a non-binding memorandum of understanding (MoU) under which Qatar would invest up to $6.66 billion to develop energy projects in debt-laden country, Reuters reported.

Under the agreement, Qatar would export liquefied natural gas (LNG) to Greece and build LNG terminals in the Mediterranean country.

Prime Minister, Sheikh Hamad bin Jassim Al-Thani, met his Greek counterpart George Papandreou, and said that the agreement includes plans for a 3.5 billion LNG terminal with a capacity of 7 billion cubic meters in western Greece, to be built by Qatar Petroleum, the country’s state oil firm.

Debt-laden Greece is starving for foreign investment to help balance its payments deficit. On the other hand, Qatar is the world’s biggest exporter of LNG and its economy relies heavily on gas sales.

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