Tomen buys 25 % in Romanian power company

Jun 09, 1998 02:00 AM

Apr. 9, 1998 Tomen Corp. has bought a 25 % stake in a Romanian electric power company. The Bucharest-based company, Grozavesti Electric and Thermal Power Co., was established by a Romanian state-owned electric company and an Israeli trading house. It was capitalised at $ 29 million.
Tomen expects the business will provide 190 MW by introducing a new thermal power generation system. Operations are expected to start in June 2000.
The development was achieved by moves to privatise the electricity business in Romania, Tomen officials said.
Tomen has helped to develop power generation with a Finnish electric company in Hungary since March 1997. This case is the second investment in Eastern Europe for the Japanese trading company.

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