Schoenherr advises on gas power plant construction contract
SOCIETATEA CIVILÄ‚ DE AVOCATI "SCHOENHERR SI ASOCIATII" - 15 April 2008
European law firm Schoenherr has advised Petrom S.A., the largest Romanian oil and gas group, on the negotiations for a turnkey contract for the construction of an 860 MW combined cycle gas turbine power plant at the Petrobrazi refinery close to the city of Ploieºti. The value of the contract exceeds EUR 400 million.
The power plant will be built by a consortium consisting of Gen-eral Electric Company, General Electric International Inc. and Metal Construction of Greece S.A. ("Metka").
Schoenherr partner Gerhard Bock commented: "The agreement had to be negotiated in a heavy seller's market environment un-der a tight time schedule. We vindicated our contract structure under Austrian law against the common law driven mindset of the consortium and helped our client to strike a good deal."
The construction work on site will begin in 2009 and the power plant is scheduled to be completed in September 2011. Around 20 % of the plant's capacity will be used for covering Petrom's own power consumption while the rest will be sold on the Romanian power market. It is estimated that the plant will produce approx. 8-9 % of the power generated in Romania by 2012.
The Schoenherr team consisted of Gerhard Bock and Angelika Traunfellner. The consortium was represented by their in-house lawyers.
Contact:
Gerhard Bock, Partner
T: + 43 1 534 37 4004 , E: g.bock@schoenherr.at
Erik Werkman, PR & Marketing
T: + 43 1 53437 346, E: e.werkman@schoenherr.at
Schoenherr is a leading corporate law firm with a strong base in Central and Eastern Europe. From offices in Belgrade, Brussels, Bucharest, Budapest, Ljubljana, Kyiv, Sofia, Vienna and Zagreb more than 230 professionals provide legal services to national and international cli-ents. The firm has a long standing tradition of advising clients in all fields of commercial law providing seamless service that transcends national and company borders. The combination of high quality advice and efficient problem solving in complex commercial mandates and transactions is at the heart of Schoenherr’s philosophy. In all jurisdictions, Schoenherr’s opera-tions correspond with the local legal standards and rules of conduct.
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