Siemens Wins EUR380 Million Russian Power-Plant Contract
December 18 2017 - 11:05AM
Dow Jones News
By Nathan Allen
Siemens AG (SIE.XE) said Monday that it has received a 380
million-euro ($446.4 million) order to build a combined-cycle power
plant in the Russian republic of Tatarstan.
Russian chemical producer Nizhnekamskneftekhim--part of the TAIF
industrial group--has commissioned Siemens as general contractor to
build the 495-megawatt plant, which is expected to begin operations
in May 2021, Siemens said.
The German industrial conglomerate said the contract also
includes conditions for a 13-year service agreement which will be
signed at a later date.
TAIF Chief Executive Albert Shigaboutdinov said the company
commissioned the plant in response to increasing power consumption
and production expansion at the Nizhnekamsk industrial hub.
The plant will have the ability to burn syngas--a byproduct of
certain petrochemical processes--as well as natural gas, which will
reduce overall operating costs, Siemens said.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
December 18, 2017 10:50 ET (15:50 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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