IEC will collaborate with Metka, with whom it signed a large contract in October 2007.
Israel Electric Corporation (IEC) (TASE: ELEC.B22) is continuing to expand its international activity even as the company's efforts to cooperate with private power companies faces government obstacles. Sources inform ''Globes'' that IEC is negotiating to design a large power plant in Greece. The deal is estimated to be worth tens of millions of shekels and the expected profit is NIS 10 mllion.
The negotiations are part of IEC's cooperation with Metka Metal Constructions of Greece SA (Athens: MTK) under a contract signed nine months ago. Metka has proposed to bring IEC into other projects.
The current project reportedly involves the design and construction of a natural gas-fired 420-megawatt cogeneration plant in Volos. IEC is due to provide design and engineering services for the project and may become a subcontractor. General Electric Company (NYSE: GE) is the equipment vendor.
Metka is Greece's largest electricity producer and it also operates elsewhere in Europe. In October 2007, IEC won a NIS 10 million Metka tender to design a 420-MW power plant to be built 75 kilometers northeast of Athens. Following the success of this project, Metka decided to expand its collaboration with IEC.
Published by Globes [online], Israel business news - www.globes-online.com - on July 10, 2008
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