The two Parties agreed on mutually beneficial terms to revamp Nizhnekamsk Thermal Power Plant 1 (NTPS-1) and for that purpose founded “Neftekhimenergo” Ltd on a parity basis. The Founders shared 50 x 50 in a new company authorized capital: “Tatenergo” contributes by the property of NTPS-1 and “Nizhnekamskneftekhim” INC – by purchasing new equipment worth US$ 200 MM.

The first revamping phase provides for three gas-turbine units with total capacity of 75 MW to be commissioned in May 2006. The second phase provides for replacement of NTPS-1's obsolete equipment and commissioning of units totaling 225 MW. All the work shall be completed in 2009.

In line with the first revamping phase, “Nizhnekamskneftekhim” INC signed a contract with a “General Electric” subsidiary “Nuovo Pignone” (Italy) to supply three gas-turbine units. The Project will total US$ 40 MM. As per the Contract, the equipment shall be delivered within a year (until May 2005). Thereafter within 11 months, it will be installed supervised by Suppliers.

Press Service NKNK Inc