Bethel Finance news:
Scotland-based Wood Group plc (LSE: WG) has begun construction of Israel's largest private power station that Dorad Energy Ltd. is establishing on land owned by Eilat Ashkelon Pipeline Company Ltd. (EAPC) in Ashkelon. The $870 million project is Wood Group's first activity in Israel.
Wood Group will carry out the earthworks, frame, construction, and electrical work for the power station. Wood Group GTS, the company's gas turbine services unit, will install the natural gas turbines, which are scheduled to arrive in Israel by the end of the year. The power station will have 12 General Electric gas turbines and two steam turbines.
The company will employee 300 people - mostly Israelis - on the project, and the number of employees will peak at 1,000 during the height of construction. Dorad shareholder Uri Dori Engineering Works Corp. (TASE: DORI) is the subcontractor for the earthworks.
Wood Group said that the power station will be completed in 2013. Wood Group Israel manager Shlomo Cohen said, "The company considers this project as a cornerstone for extensive operations in Israel. It considers construction of such a large project as a challenge and a breakthrough in the construction of power stations in Israel." He added, "This project is Wood Group's first project in Israel and Wood Group GTS intends to expand its operations in Israel in its areas of expertise."
Dorad is owned by EAPC (37.5%), Turkish conglomerate Zorlu Industrial and Energy Holding AS (25%), Adeltech Ltd. unit Adelcom Ltd. (18.75%), and Gazit-Globe Ltd. (TASE: GLOB) contracting arm Uri Dori U. Dori Energy Infrastructures Ltd. (18.75%). The company's 840-megawatt power station will cost NIS 4 billion and provide 8% of Israel's electricity. The company has a contract for natural gas with Egypt's East Mediterranean Gas Company
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