The project is worth an estimated $50-60 million.
Oil Refineries Ashdod Ltd. controlled by Paz Oil Company Ltd. (TASE:PZOL), is moving forward with its plans to build a private power plant. Sources inform ''Globes'' that Bateman Engineering NV (AIM:BTE) , controlled by Benny Steinmetz, has won a tender published by Oil Refineries Ashdod to design, manage, and supervise the building of the plant worth an estimated $50-60 million.
Bateman beat four rival offers for the tender from leading engineering companies. Paz, which is controlled by Zadik Bino, intends to build a natural gas-fired power plant with a 44 megawatt production capacity on the refinery's premises, to provide its energy needs, which amount to 17 megawatts a year. Oil Refineries Ashdod will sell the surplus electricity to private consumers. It is believed that the power plant will save the refinery millions of shekels in energy costs every year.
The Ashdod Oil Refinery power plant will be one of the first to be built privately. Construction work is likely to commence during the second half of 2008, with the plant coming on line at the beginning of 2009.
Published by Globes [online], Israel business news - www.globes.co.il - on July 11, 2007
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