Romanian natural gas producer Romgaz said that it signed a 344.9 million lei (69.9 million euro) contract with Spain’s turnkey energy and industry project delivery specialist Duro Felguera to complete the works on a combined cycle gas turbine power plant in Iernut, according to See News.
The contract was signed on April 4 and works must be completed within sixteen months from the start, with time extension allowances as per the contract’s provisions, Romgaz said in a statement filed with the Bucharest Stock Exchange, BVB, on Wednesday.
The contract has a pledged collateral of 17.5 million euro.
On March 30, the board of directors at Romgaz approved the conclusion of the procurement contract with Duro Felguera, the company said in a bourse filing at the time.
Works on the 430 MW Iernut power plant had been delayed due to disputes between Romgaz and the contractor, a consortium comprising Duro Felguera and Romania’s Romelectro.
Duro Felguera specialises in the execution of engineering, procurement and construction (EPC) or turnkey projects and the provision of services in the energy and industrial sectors.
Romelectro is a private Romanian company acting as a contractor and having more than 45 years of international experience in the energy area.