Babcock Borsig Power, a unit of the German engineering group Babcock Borsig, said on Tuesday that it secured a contract worth 800 million marks (409 million euros, 388 million dollars) for a power plant near Abu Dhabi.
Babcock Borsig Power said in a statement that the contract was to modernise and extend the Al Taweelah A1 combined-cycle power plant near Abu Dhabi.
The contract was awarded by Abu Dhabi Water and Electricity Authority (ADWEA), TotalFinaElf and Tractabel.
"It is not only the order volume that makes this project of such huge importance for us," said Babcock Boris Power chairman Hans Fechner.
"We know that the combined-cycle power market will grow by around 85 percent over the next five years. In the Gulf alone new orders of four to five billion dollars will be placed each year."
Work at Al Taweelah was to begin this month, with completion scheduled for the end of April 2003, the statement said.—AFP.
©--Agence France Presse.
© 2001 Mena Report (www.menareport.com)
