ISTANBUL, Aug 28 (Reuters) - Austria's OMV <OMVV.VI>, Lehman Brothers <LEH.N> and Turkey's MET Group are to build a gas-fired power station in Turkey with an investment of some 500 million euros ($740 million), they said on Thursday.
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 percent of Borasco Elektrik Uretim Sanayi.
A Lehman Brothers' subsidiary will have a 25 percent stake in Borasco and Metcap Enerji Yatirimlari, controlled by Turkish industrialist Celal Metin, will hold the remaining 15 percent.
OMV entered the Turkish market two years ago by acquiring a stake in leading filling station company Petrol Ofisi <PTOFS.IS>, in which its stake now amounts to 41.3 percent.
The new plant will sell electricity on the Turkish market, which is growing around 10 percent a year, necessitating new power plants to meet the high demand.
(Reporting by Ercan Ersoy, additional reporting by Karin Strohecker in Vienna) ($1=.6761 Euro) Keywords: TURKEY POWERPLANT/ tf.TFN-Europe_newsdesk@thomson.com ak COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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 percent of Borasco Elektrik Uretim Sanayi.
A Lehman Brothers' subsidiary will have a 25 percent stake in Borasco and Metcap Enerji Yatirimlari, controlled by Turkish industrialist Celal Metin, will hold the remaining 15 percent.
OMV entered the Turkish market two years ago by acquiring a stake in leading filling station company Petrol Ofisi <PTOFS.IS>, in which its stake now amounts to 41.3 percent.
The new plant will sell electricity on the Turkish market, which is growing around 10 percent a year, necessitating new power plants to meet the high demand.
(Reporting by Ercan Ersoy, additional reporting by Karin Strohecker in Vienna) ($1=.6761 Euro) Keywords: TURKEY POWERPLANT/ tf.TFN-Europe_newsdesk@thomson.com ak COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
© 2008 AFX News
