Greek refiner Motor Oil and Spanish power company Iberdrola announced last week their cooperation in an electricity-production project through the majority participation of the latter in a Motor Oil subsidiary. Iberdrola acquired 70 percent of Greek power generator Korinthos Power from Motor Oil for an unspecified amount. It said the buy would enable it to take part in auctions for new combined-cycle power stations in Greece. Iberdrola said it considers Greece to be a strategic market where it already has a presence through its 49 percent stake in Rokas, Greece’s biggest wind-power operator.