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Armax Gaz wants to produce electricity

Maker of equipment for the natural gas industry Armax Gaz Medias, center of Romania, intends to become, in 2010, at the latest, a producer of electricity, general manager of the company Mircea Vescan told Business Standard.

'We are interested both to participate in the re-engineering of thermal energy sub-stations, for efficient co-generation, and to buy two up to four micro-hydro-power stations with a total capacity of up to 10 MW,' Vescan said. According to him, in 2008 and 2009, the company will allocate at least six million euros for the development of technologies for 'attacking' the electricity market. Vescan said Armax is interested to attract some companies in a partnership in the electricity market. 'For the time being, I can only count on Armax Gaz and on Gazproiect Brasov (center), an institute we have bought recently, ' Vescan also said. He added he conducted negotiations with officials from Electrocentrale Bucharest, for Armax to be in a position to participate in the re-engineering of old thermal energy sub-stations. Armax will start making an attempt this year to enter with its equipment the markets in Russia, Kazakhstan, Turkmenistan, Azerbaijan, Vescan stressed. With an experience of over 80 years, Armax Gaz is one of the biggest players in the market of equipment, metal structures, repair works, services for the gas and oil industries in Romania. The company, listed on Bucharest Stock Exchange, posted 9.42 million euros in turnover in the first nine months in 2007, and a net profit worth 1.5 million euros. In 2006, Armax Gaz reported 12.6 million euros in turnover and 1.54 million euros in net profit. Sursa: http://www.rompress.ro

Tags: armax euros million vescan electricity

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