MOL Group and CEZ Group to start the power plant investment in Hungary
MOL Hungarian Oil and Gas Plc. hereby informs the capital market participants that MOL-CEZ European Power Hungary Ltd. (MCEPH), the joint venture of MOL Group and CEZ today signed a contract with Tecnicas Reunidas S.A. for the construction of the combined cycle gas turbine power plant (CCGT) in Százhalombatta and with Siemens Zrt. for Long Term Service Agreement for CCGT.
The planned investment is the construction of combined cycle gas turbine power plant at the Duna refinery of MOL Group in Hungary with the installed capacity of 860 MW. This power plant will have one of the most modern technologies in the power generation with high efficiency and the lowest marginal cost. MCEPH possesses all permits required for starting the construction.
The first phase of the investment starts in October 2011 while the second phase, the construction – subject to an additional investment decision of MOL and CEZ – expected to be launched by the end of the first half of next year. According to the plans, the plant is expected to start commercial operating in the first quarter of 2015. The total investment cost is approximately EUR 600 million that is by 15% lower compared to the preliminary expectations in the feasibility study due to the actual lower costs.
For further information, please contact:
Investor Relations + 36 1 464 1395
Facsimile: + 36 1 464 1335
MOL Communication + 36 70 373 1907