signs MoU with BCP

Electricity Generating Plc (EGCOMP) is set to sign a Memorandum of Understanding (MoU) with Bangchak Petroleum Plc (BCP)today in a move to establish a power plant. In the initial stage, the two parties will each hold 50% shares. During the project development, BCP will seek the third partner to join investment in the new power plant by raising registered capital. As a result, the shareholding ratio will be as follows: - BCP 40% - EGCOMP 30% - The third party 30% The joint investors will invest Bt1.7 billion in the new plant, which is located at BCP refinery, and it will use the Cogeneration production process. The power plant will have a production capacity of 70 Megawatt. The annual electricity and steam production are about 490 GWh and 343,000 tonnes respectively. EGCOMP expected to gain annual revenue from electricity and steam about Bt700 million. The plant construction is expected to be started within six months after the contract signing and the plant will commence its operation at the beginning of 1998. Translated by The Nati