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Economy

US, Greek Companies Sign MoU on Greece-Africa Power Interconnection

ATHENS – A memorandum of understanding (MoU) for the electric grid networks of Greece and Egypt, known as the Greece-Africa Power Interconnector (GAP), was signed in Athens by Houston-based McDermott International and Athens-based Eunice Energy Group.

Eunice Energy Group is leading the transnational consortium between Greece and Egypt for the GAP project, which aims to contribute to regional energy security and stability by facilitating intercontinental clean energy transfer. As part of the consortium, McDermott, a leader in engineering, procurement, construction and installation (EPCI) for subsea and deepwater, will be providing engineering and construction guidance for the project, a statement by the latter said on Tuesday.

“This is an MoU of strategic importance at a time when Europe is working to ensure energy security,” said Michael McKelvy, McDermott president and CEO. “I am proud to join forces with Eunice Energy Group on the GAP project and help build the future of energy in the region.”

George Kalavrouziotis, Eunice Energy Group CEO, added: “Eunice is thrilled to partner with an American industry leader like McDermott. The GAP Project is the leading electrical interconnection project in the East Mediterranean region, being at the top of the list in terms of technical feasibility and regulatory approval.

“The 2 GW interconnector will help Egypt export its surplus power to Europe, and enable Greece to export its domestically produced green energy into the Balkans and Italy, thus contributing to Europe’s energy independence from Russia’s energy resources.”

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