GM&T and Soteg sign power plant agreement
London-based Gazprom Marketing and Trading (GM&T), and Soteg, the main supplier of natural gas and electricity in Luxembourg, have signed a Memorandum of Understanding to form a joint venture for the construction of a combined cycle gas turbine plant in Germany. Both partners will hold 50% in the new company.
The plant will have a capacity of 800MW (two 400 MW turbines) and is expected to be built in Eisenhüttenstadt, in the state of Brandenburg. The total investment may be around €400million, and power production is expected to start in 2010.
Both parties see this investment as a first step for a closer relationship. Part of the power will be marketed directly to long term industrial customers and the remainder will be marketed by Soteg and GM&T individually.
“This transaction complements our
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