Paz Oil Plans 700 MW, $700m power plant

WorldEnergyNews.com
Wednesday, February 6, 2019

Israel's Paz Oil Co said on Wednesday its board has authorized management to move forward with a plan to build a third power plant to supply 700 megawatts of electricity for the national grid.

Such a plant, to be built in the port of Ashdod, would cost up to $700 million, which would be financed with Paz's capital and through a debt offering. Powered by natural gas, the plant could be built either by Paz alone or with partners and would go online in 2023.

The plan is subject to completion of all the necessary financial and technological reviews and receipt of approval, Paz said in a statement to the Tel Aviv Stock Exchange.

The board also authorized management to examine the possibility of participating in a tender for five power plants to be sold off by state utility Israel Electric Corp in the coming eight years.

The first on the block is the 600 MW Alon Tavor plant in a sale expected to be completed by the end of the year.

"The company will examine the possibility of submitting a bid in the tender in accordance with the conditions, to be published later on," Paz said, 

(Reuters reporting by Tova Cohen Editing by Steven Scheer)

Categories: Energy Investment

Related Stories

Pertamina Joins Petronas in Ultra-Deepwater Asset off Indonesia

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

Pakistan, Türkiye Deepen Oil and Gas Ties with Offshore Indus-C Block Deal

Eni-Petronas Gas Joint Venture Up for Launch in 2026

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Seatrium Secures ABS Backing for Deepwater FPSO Design

Floating Offshore Wind Test Center Planned for Japan

Current News

Sponsored: UAE Breaks Ground on World First Gigascale Renewable Energy Project

Pertamina Joins Petronas in Ultra-Deepwater Asset off Indonesia

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

US Pressure on India Could Propel Russia's Shadow Oil Exports

Energy Drilling’s EDrill-2 Rig Starts Ops for PTTEP in Gulf of Thailand

RINA Wins FEED Contract for Petronas’ Flagship CCS Project in Malaysia

ABL Secures Rig Moving Assignment with India's ONGC

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com