Rolls Royce taking 40% of Energobaltic from Petrobaltic and Hydromex

Following long negotiations the two owners of Gdansk-based Energobaltic, Petrobaltic and Hydromex, have each agreed to sell 20% of its shares to Rolls-Royce Power Ventures. The price was not announced, but unofficial sources say it may reach $12 million (zl.48.7 million). It is also known that Rolls Royce, along with other Energobaltic shareholders, will build a heating plant in Wladyslawowo for zl.145 million. Some financial means will also be obtained from pro-ecological funds, as the heating plant will yearly consume 200,000 tons of environment-endangering gas produced by Petrobaltic. The plant, using 30 million cubic meters. of gas and producing 11.5 MW of electrical energy and 18 MW of heating energy yearly, will be ready in March 2002. (Puls Biznesu, p.9) M.K.