Gazprom Marketing & Trading Ltd. and Soteg SA have signed a Memorandum of understanding to set up a joint venture for construction of Combined-Cycle Plant (CCP) in Germany.

Pursuant to the document, CCP with total capacity of 800 Mw (two turbines of 400 Mw) is planed to be constructed in the town of Eisenhuttenstadt. It is planned to commit EUR 400 mln. CCP will be commissioned in 2010.

A part of electric power produced will be sold by the joint venture directly to industrial consumers under the long-term arrangements, with rest to be marketed by Gazprom Marketing & Trading Ltd. and Soteg SA.

The Memorandum implementation will enable Gazprom Marketing & Trading Ltd. to diversify its business including marketing of natural gas, LNG, electric power and CO2 quotas.

Reference:

Entering the Gazprom Group of companies, Gazprom Marketing & Trading Ltd. was established in the UK in 1999.

The Company delivers gas to more than 70 wholesale consumers in Western Europe and nearly 1000 retail consumers in Great Britain and France as well as continues to expand its geographical presence, goods and services as well as a number of companies being direct natural gas consumers.

Soteg SA was established in 1974 in Luxemburg. The company’s shareholders are the state (21 per cent), SNCI ( 10 per cent), Arcelor (10 per cent), E.ON Ruhrgas (20 per cent), Cegedel (19 per cent) and SaarFerngas (10 per cent). Soteg SA is a major natural gas and electricity supplier in Luxemburg.