Motor Oil to establish oil exploration company in Cyprus – Greece, 9 June 2016

At the General Shareholders’ Meeting of Greek oil refining company Motor Oil it was decided that the company will start venturing into hydrocarbons exploration and development activities.
Therefore, Motor Oil plans to establish a Cyprus-based joint venture company for the hydrocarbons exploration activities in cooperation with the Egyptian Vegas Oil. Motor Oil will hold 65 % stake in the joint venture, while the remaining 35 % will be owned by its Egyptian partner.

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