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MOL-CEZ Slovak joint venture gets nod for power plant investment

CM European Power International, a joint venture of Czech energy company CEZ and MOL, Hungary's flagship oil group, has been approved by Slovakia's Environment Ministry to build an 880-megawatt combined steam-gas-cycle power plant in Bratislava, daily Napi Gazdaság reported. The plant will be built on the site of Slovnaft AS, a local oil refiner majority-owned by MOL. Construction is scheduled to start in June 2011 and the plant will go on stream in 2013. CEZ told Bloomberg it estimates the costs of the project at as much as €720 million.