Greece and Saudi Arabia are studying connecting their energy networks

The Ministry stated in a statement that the Greek Independent Energy Transmission Company (IPTO) and the Saudi Electricity Company will establish the Saudi-Greek Interconnection Company, which is charged with studying the commercial feasibility of connecting the two energy networks between the two countries.

The two companies added that each of them will own a 50 percent stake in the new company.

The agreement comes after Greece and Saudi Arabia discussed last year the possibility of making this connection.

About 40 percent of the energy produced by Greece is from renewable energy sources, and the country is already looking forward to laying wires in the sea linking its network to Egypt as part of its effort to enhance its role in providing cheap energy produced by renewable energy sources.

Greece also agreed with Cyprus and Israel to extend the longest and deepest underwater electricity wires in the world to connect the energy networks in the three countries in a project costing about $900 million.