Siemens Wins EUR380 Million Russian Power-Plant Contract

By Nathan AllenFeaturesDow Jones Newswires

Siemens AG (SIE.XE) said Monday that it has received a 380 million-euro ($446.4 million) order to build a combined-cycle power plant in the Russian republic of Tatarstan.

Russian chemical producer Nizhnekamskneftekhim--part of the TAIF industrial group--has commissioned Siemens as general contractor to build the 495-megawatt plant, which is expected to begin operations in May 2021, Siemens said.

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The German industrial conglomerate said the contract also includes conditions for a 13-year service agreement which will be signed at a later date.

TAIF Chief Executive Albert Shigaboutdinov said the company commissioned the plant in response to increasing power consumption and production expansion at the Nizhnekamsk industrial hub.

The plant will have the ability to burn syngas--a byproduct of certain petrochemical processes--as well as natural gas, which will reduce overall operating costs, Siemens said.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

December 18, 2017 10:50 ET (15:50 GMT)