The 890 megawatt power plant will be located in Turkey’s Black Sea region of Samsum, beside the terminal of the Blue Stream gas pipeline from Russia, the companies said in a statement under the name of the new venture Borasco.
The power plant construction is expected to begin this year, with the start-up expected in late 2010, OMV said in a separate statement. The Turkish regulator and the EU competition authority have both approved the agreement.
OMV said it had signed a share purchase agreement to buy 60% of Borasco Elektrik Uretim Sanayi. A Lehman Brothers’ subsidiary will have a 25% stake in Borasco and Metcap Enerji Yatirimlari, controlled by Turkish industrialist Celal Metin, will hold the remaining 15%.
OMV entered the Turkish market two years ago by acquiring a stake in leading filling station company Petrol Ofisi, in which its stake now amounts to 41.3%. The new plant will sell electricity on the Turkish market, which is growing around 10% a year, necessitating new power plants to meet the high demand. (Reuters)
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