Metka wins lucrative Syria deal

[Angelo]

Metka wins lucrative Syria deal,



ATHENS, Sept 8 (Reuters) - Greece's biggest power plant builder, Metka, said on Monday it won a 650 million euro ($932.4 million) deal, with Italy's Ansaldo, to build a power plant in Syria, sending its shares sharply higher.
Metka has been expanding abroad, taking advantage of growing demand in southeast Europe and the Middle East for upgrades of power facilities as rising energy prices force developing countries to become more efficient.
"This project is the biggest in Metka's history," the company said in a statement. "Our backlog is now strengthened." Metka reported revenue of 284 million euros last year and net profit of 37 million.
The Metka-led venture made the lowest bid to build a 700 MW natural gas powered energy plant for Syria's Ministry of Electricity. Ansaldo Energia, a unit of Italy's Finmeccanica, will provide the power equipment as part of the deal.
Metka shares climbed 12.7 percent to 13.66 euros in afternoon trade on the Athens bourse after an earlier suspension was lifted.
The construction unit of mining and energy group Mytilineos , which earlier this year won a power plant contract in Romania, has sought to expand beyond the Greek market and analysts expect it will clinch more deals in the region.
"This is a very important development for the company as it doubles its backlog," said Euroxx Securities analyst Costas Tsigourakos. "Metka was targeting a backlog of 1-1.5 billion euros by year's end, so they've already reached it."
Metka has a construction backlog of 1.3 billion euros with this project, of which 900 million euros is for contracts abroad.
The Metka-Ansaldo consortium prevailed over a joint bid by Germany's Siemens and Aste. The project is scheduled to be completed within 36 months after the signing of the contract, Metka said.
Metka shares have lost about 21 percent so far this year, compared with the Athens general index's 37 percent drop. (Editing by Sue Thomas) BusinessRelated information follows Ads by Google


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[Napalm]

Hellas keeps spreading economic influence in the region while other nations nearby are interested in our destruction.

[phoenix]

Originally Posted by Napalm
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Hellas keeps spreading economic influence in the region while other nations nearby are interested in our destruction.

That has always been the case Napalm,a few years a go i met a bunch of Greek contractors,i don't know which company they worked for ,but they were contracted to run underground cables for a communication firm here from Tasmania to main land Australia and, i quote they won it due not to their pricing but were the most qualified of all other competitors and finished it sooner than the time frame that they were given!