Qatar scraps $4.8b investment in Greece

21 Oct 2010

(MENAFN) Greek deputy foreign minister Spyros Kouvelis said that Qatar has dropped plans to build a $4.82 billion energy hub in Greece, Reuters reported.

He pointed out that the two Qatari companies involved, Qatar Petroleum and the Qatar Investment Authority could not agree with their Greek partners on the viability of the project.

Doha and Athens signed in May a non-binding memorandum to explore the possibility of building a complex of LNG terminals and a power station to export electricity to Italy.

The deal had paved the way for a wider framework agreement between the two countries last month, in which the Gulf emirate said it might invest up to $5bn in Greece, from banking and real estate to energy and telecommunications.

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