OMV, Lehman, MET in Turkish power plant project
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Austria's OMV, Lehman Brothers and Turkey's MET Group are to build a gas-fired power station in Turkey with an investment of some 500 million euros ($740 million), they said on Thursday.
Austrian oil and gas company OMV also said Thursday it has taken another step to enter the Turkish electricity market with the acquisition of a percent 60 stake in electricity provider and producer Borasco Elektrik Uretim.
A Lehman Brothers' subsidiary will have a 25 percent stake in Borasco and Metcap Enerji Yatirimlari, controlled by Turkish industrialist Celal Metin, will hold the remaining 15 percent.
The 890 megawatt power plant will be located in
The power plant construction is expected to begin this year, with the start-up expected in late 2010, OMV said in a separate statement. The Turkish regulator and the EU competition authority have both approved the agreement.
OMV entered the Turkish market two years ago by acquiring a stake in leading filling station company Petrol Ofisi , in which its stake now amounts to 41.3 percent.
The new plant will sell electricity on the Turkish market, which is growing around 10 percent a year, necessitating new power plants to meet the high demand.