The utility is bidding in a tender to build a $50 million ultra-high tension power line.
Sources inform ''Globes'' that Israel Electric Corporation (IEC) (TASE: ELEC.B22) is bidding in a $50 million Cypriot tender to build a 80-100 kilometer ultra-high tension power line. An IEC delegation recently visited Cyprus for the bid.
This is the second project in which IEC is bidding in on the island. In August, IEC announced that it expected to bid in an Electricity Authority of Cyprus tender to build a 50-60 megawatt power plant, at a cost of $60-80 million, to be built ten kilometers north of Larnaca. IEC said that the power station is due to come on line in 2010 and will initially run on crude oil until a conversion to natural gas.
IEC said in response, "The company is pursuing its efforts to obtain more work. The company is reviewing a tender published in Cyprus to build the ultra-high tension line."
Published by Globes [online], Israel business news - www.globes-online.com - on September 18, 2008
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