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

Seatrium Secures ABS Backing for Deepwater FPSO Design

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Yinson Production Nets DNV Approval for New FPSO Hull Design

Petronas to Leverage AI to Expedite Oil and Gas Exploration Activities

Brownfield Output Decline Accelerates, says IEA

POSH Set to Tow Nguya FLNG from China to Eni’s Congo Field

Chinese Contractor Secures Offshore Oil and Gas ‘Mega Deal’ from QatarEnergy

Synergy Marine Group Completes Conversion of LNG Vessel to FSRU

Marco Polo Picks Salt Ship Design for Next-Gen Offshore Energy CSOV

Norwegian Oil Investment Will Peak in '25

Current News

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

Aesen, DOC JV Targets Subsea Cable Logistics

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

MDL Secures Cable Laying Job in Asia Pacific

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Yinson Production Nets DNV Approval for New FPSO Hull Design

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

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