Israel Chemicals to build NIS 1.25b power plant
The 250 megawatt plant at Sedom will run on natural gas.
The new plant is based on a gas turbine supplied by Siemens AG (NYSE: SI; DAX: SIE), which can also be powered by light fuel oil, if necessary, and a steam turbine capable of generating 330 tons of steam per hour. Construction is due to begin in the third quarter of 2012 and to be completed during the second half of 2015. The plant's cogeneration utilizes 85% of the fuel’s energy potential, compared with 50% by combined cycle power plants.
ICL Fertilizers CEO Dani Chen said, “The construction of our new power plant is an important strategic step that will secure our long-term energy needs, while moving us forward in our pursuit of ever-higher achievements of environmental protection, safety and sustainability. The plant’s use of a combined cycle cogeneration architecture utilizing a Siemens gas-fired turbine will enable us to generate steam and electricity at exceptionally high efficiency, thereby lowering its cost while enhancing its environmental profile."
Israel Chemicals' share price rose 1.7% in morning trading to NIS 42.70, giving a market cap of NIS 53.5 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on July 1, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
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