Gazprom and E.ON to Jointly Build Gas-Turbine Power Station in Germany
OREANDA-NEWS. February 29, 2008. Gazprom and Е.ON AG signed a Memorandum of Understanding in Dusseldorf to jointly build and operate a gas-turbine power station in the vicinity of Lubmin (Germany). Near Lubmin, there is a German landfall of the projected Nord Stream gas pipeline that will supply natural gas for the facility operation.
The Memorandum provides for the parties to make a final investment decision on the project in 2009.
It is planned that the gas-turbine power station will be rated at 1200 MW. The facility will be commissioned in 2011.
Gazprom and E.ON will set up a joint venture on a parity basis in order to implement the project.
The companies have a distinguished record of cooperation in the long-term gas supplies sector. Gazprom and E.ON consider the gas-turbine power station construction project an important element in their partnership in the Russian gas sales markets.
Gazprom Group will take part in each and every link of the price formation chain: from natural gas supplies to generated power sales. As for E.ON, its investments to be made into the project are a part of an ambitious investment program amounting to 60 bln euros and aimed at entering new markets, developing up-to-date natural gas and electric power infrastructure, and elaborating cutting-edge technologies for power generation. By taking part in the project E.ON promotes CO2 emissions reduction and environmental protection.
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