Three giants step up to invest in Turkish energy

Posted on 14 February 2011

Date: 29/08/2008
Three giants step up to invest in Turkish energy

OMV, Lehman Brothers and MET Energy Systems, already partners in the Borasco Electricity Generation Ind., have decided to invest in the burgeoning Turkish energy market through the construction of a natural gas energy production center with a projected capacity of 890 megawatts.

The new plant, to be built near the Blue Stream natural gas delivery point in Samsun, will cost the companies 500 million euros. Borasco was established by MET Group in February 2008 and accepted Lehman Brothers as a partner in March. The company was soon granted a 49-year production license by the Energy Market Regulatory Authority (EPDK). In a written statement yesterday, the company announced that they expected the new energy plant to start operating by the end of 2010. The plant will use General Electric’s 9FB latest technology equipments for the first time in Turkey, the statement noted.

Dr. Celal Metin, chairman of Borasco Electricity and MET Group’s Turkey operations, noted in the statement that the projected natural gas plant will serve as one of the most important energy plants in Turkey for many years with its high productivity properties and low carbon emission levels. Uzay Kozak, CEO of Lehman Brothers Turkey, also shared his remarks in the same statement and said that the investment was a sign of their confidence in the Turkish energy market.

TODAY’S ZAMAN 29 August 2008

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