MOL-CEZ JV signs contract on construction of €600m power plant
MOL-CEZ European Power Hungary, a joint venture of Hungarian oil and gas company MOL and Czech peer CEZ, signed a contract on Thursday with Tecnicas Reunidas on the construction of a €600m combined cycle gas turbine power plant (CCGT) at MOL's refinery in Százhalombatta, MOL said.
The JV also signed a long-term service agreement for the 860 MW plant, south of Budapest, with Siemens.
MOL-CEZ European Power Hungary has all of the necessary permits for the start of construction of the plant.
The first phase of the investment will start in October, while the second phase -- "subject to an additional investment decision of MOL and CEZ" -- is expected to begin at the end of the first half of 2012. The plant is expected to start commercial operation in Q1 2015.
MOL announced early in September the JV had begun preparations for the plant.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.