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METKA Enters the Iraqi Market
Iraq awards METKA a 1250MW power plant project
METKA Enters the Iraqi Market
Iraq awards METKA a 1250MW power plant project
Published 10-05-11
Submitted by MYTILINEOS Holdings S.A.
METKA received yesterday, October 4th, the Letter of Award for a new 1250MW thermal power plant in Iraq, following a tendering process. The necessary procedures for signing of the contract will be completed in the near future.
The main characteristics of this new project are as follows:
1. Project Owner:
Ministry of Electricity - Republic of Iraq
2. Project Title:
Shat-Al-Basra Power Plant Project
3. Project Location:
Basra Province in Southern Iraq
4. Project Description:
The project concerns engineering, installation and commissioning of an open cycle natural gas fired power plant, capacity of 1250 MW, with General Electric gas turbines technology.
5. Award Value:
Total amount US$ 348,870,000.
6. Project Time Schedule:
24 months from the contract effective date and the opening of a Letter of Credit.
METKA’s backlog of projects is expected to be increased by a further €260 million to stand to an overall total of €2 billion, of which 92% concerns international contracts. This is the 7th project Metka undertakes outside Greece, increasing the total capacity of international projects to 5400MW, strengthening further its international exposure through expansion in markets with booming energy needs and lowering its dependence on the domestic market.
The Management of the company would like to extend once more its thanks publicly to the company’s executives for their excellent work and performance. Further announcement to inform its shareholders and the investing public will be published, as soon as a Letter of Credit for the project is opened and project implementation commences.
MYTILINEOS Holdings S.A.
MYTILINEOS Holdings S.A.
The MYTILINEOS Group is active in the sectors of Energy, Metallurgy and Mining and EPC projects (Engineering-Procurement-Construction). Since its establishment, in 1990, its development has been outstanding and today it is considered one of the country's leading industrial groups, with significant international activity and listed on the Athens Exchange (ATHEX).
With a workforce of 2,000 employees in Greece and abroad, the Group's hard and fast goal is business excellence, always in accordance with the principles of Corporate Social Responsibility and demonstrating in all its activities its respect for the environment, society and people.
Activities
In metallurgy and mining the Group has established itself as one of the leading groups in S.E. Europe and the Middle East in the sector of production and trading of alumina and aluminium via its subsidiaries, Aluminium of Greece and Delpoi - Distomon.
Moreover, the MYTILINEOS Group has evolved into the leading independent energy producer in Greece through carefully planned strategic partnerships and business decisions. The group activates in this sector via M&M Gas, a company jointly established with MOTOR OIL for the supply and trade of natural gas and PROTERGIA, the company that came into being through the 100% acquisition and operation of ENDESA HELLAS, with its activities including the development and operation of thermal power plants and of renewable energy sources, as well as the trading of electrical power and CO2 emissions.
Regarding EPC projects, the Group has established its presence in the sector through its METKA subsidiary which has developed into the leading EPC Company (Engineering-Procurement-Construction) in Greece and is acknowledged as one of the most specialized and internationally renowned constructors of energy projects in Europe. METKA, which is listed on the Athens Stock Exchange, implements turn-key projects from their engineering and procurement stage to their construction, primarily for combined-cycle, conventional thermal and hydroelectric power plants.
The dynamic business growth of the MYTILINEOS Group is fully aligned with the principles of Corporate Responsibility and Sustainable Growth. For the Group, the concept of Sustainable Growth is synonymous to seeking business excellence while remaining committed to its vision and respecting society, the environment, its people and its shareholders, and to ensuring the harmonious coexistence of its business activities with the needs of the local communities where its operations are located. In this context, the Group is actively supporting major initiatives in the domains of Culture, Education, and the protection of the Environment.
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