Texaco for 24 % in Italy power project

Texaco Development Corp. has acquired a 24 % equity interest in a 276 MW cogeneration project under construction at the Anonima Petroli Italiana (API) refinery in Ancona, Italy. The power facility, scheduled for a 1999 start-up, will use Integrated Gasification Combined Cycle (IGCC) technology under license from Texaco.
Ownership in the API Energia project includes API (51 %) and ABB (25 %). The project will utilise approximately 7,700 bpd of visbreaker tar, a heavy oil residue from the API refinery. Electricity will be sold to ENEL SpA, the Italian national power company, with up to 65,000 kg/hr of steam to be sold to the API refinery. Total project cost is approximately $ 750 million.
The API ENERGIA power project is the first joint investment in an IGCC facility under a European marketing alliance established by Texaco and ABB earlier this year.
Texaco Global Gas and Power develops independent power plants world-wide. With its partners, Texaco operates power generation facilities producing more than 2,200 MW of electricity, with 1,600 MW under development. Texaco also has licensed its gasification power technology to refineries and utilities which will generate more than 2,300 MW of power.
Anonima Petroli Italiana SpA is the principal holding and operating company of the API Group, one of the largest privately owned, downstream integrated groups in the Italian petroleum sector.