METKA ANNUAL REPORT 2015 - page 36-37

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37
Annual Report of the Board of Directors of the Company METKA S.A. On the consolidated
and Company Financial Statements For the financial year 2015
03
B. Significant events of the year 2015
I. Projects continued in year 2015
A) EPC Projects
1. Thermal Power Plant Construction of 1250 MW
in Iraq
Further to a contract signed on 23/11/2011, METKA undertook on
behalf of the Ministry of Electricity Republic of Iraq, the engineer-
ing, installation and commissioning of a thermal power plant of
1250MW, with General Electric turbine technology, in open cycle,
natural gas and LDO fueled, in the area Basra of South Iraq.
Following the client’s request and in order to optimize the unit’s
flexibility, METKA undertook through an agreement on 12/6/2014,
the engineering, installation and commissioning of equipment
feeding the unit with HFO (Heavy Fuel Oil).
The total contract budget is $ 567,7 million and the project’s com-
pletion (end of 2015) is approx. 88%.
2. Construction and commissioning of a 590.726
MW open-cycle, three turbine, dual fuel (natural
gas/diesel) power plant in Hassi ‘Rmel, Algeria
On 19/11/2013 METKA announced a new contract with Société Al-
gérienne de Production de l’Electricité (SPE Spa which belongs
to Sonelgaz Group, the biggest power supplier in Algeria), in a
consortium with General Electric. It is the fourth major project
undertaken by METKA in Algeria, and highlights the company’s
commitment towards establishing a strong presence in regional
growth markets. The project concerns the engineering, procure-
ment, installation and commissioning of a dual fuel (natural gas/
diesel) open cycle power plant, with three gas turbines and a total
output of 590,726 MW at site conditions. The total contractual
value for METKA is € 154 million plus DZD 2.311 million and the
project’s time schedule was 16.5 months.
Further to an agreement with the client, an extension of the con-
tract was signed in 24/2/2015 with a new completion period of 30
months. The electromechanical works are in an advanced state,
two units have already been connected to the Algerian network
and the commissioning works have already begun, in line with
the new time schedule.
Expected is an agreement with a client for a further expansion
of the time schedule by 12 months, in order to complete the rest
of the works for the 2
nd
(last) phase of the project (roads, fences,
administrative buildings, tanks, etc.)
The project’s completion (end of 2015) is approx. 87%.
3. Power Plant Station of 701 MW in Deir Ali, Syria
The joint venture of ANSALDO – METKA undertook in 2010 for
the account of the Public Establishment of Electricity for Gen-
eration (PEEG) the engineering, procurement, construction and
commissioning of a natural gas power plant that generates
power with natural gas (main fuel) and diesel (auxiliary fuel), in a
combined cycle with nominal capacity of 701 MW in Syria (Deir
Ali II CCPP).
The execution of the project started in July 2010 following the
opening of the Letter of Credit.
The contract price amounts to € 673 million.
The construction works have been completed.
4. Construction of 8 mobile generators with total
output 179.72 MW in Algeria
ΜΕΤΚΑ announced on 13.2.2014 that its Turkish subsidiary Power
Projects Sanayi İnşaat Ticaret Limited Şirketi (Power Projects Lim-
ited) signed a new contract with Société Algérienne de Produc-
tion de l’Electricité (SPE Spa).
This is the fifth major project undertaken by METKA in Algeria,
which shall be realized by a consortium of Power Projects Lim-
ited with General Electric. It concerns the engineering, procure-
ment, construction and commissioning of eight (8) mobile gas
turbine power generation units with a total output of 179.72 MW
at site conditions, to be installed at three (3) sites in Algeria. The
total contractual value for Power Projects Limited is $ 66 million.
The project was carried out on a fast-track basis. All units are
in operation and the relevant provisional acceptance protocols
were signed in September 2014.
The project’s completion (end of 2015) is 100%.
5. Construction and commissioning of a natural
gas fired, open-cycle power plant, with two gas
turbines, of 368.152 MW in Hassi ‘Rmel, Algeria
On 14/05/2013 METKA announced a new contract with Société
Algérienne de Production de l’Electricité (SPE Spa which belongs
to Sonelgaz Group, the biggest power supplier in Algeria), in a
joint venture with General Electric. It is the third major project
undertaken by METKA in Algeria, and highlights the company’s
commitment towards establishing a strong presence in regional
growth markets. The project concerns the engineering, procure-
ment, installation and commissioning of a natural gas fired, open
cycle power plant, with two gas turbines and a total output of
368,152 MW at site conditions. The total contractual value for
METKA is € 72 million plus DZD 2.127 million (approx.. € 92.8 mil-
lion in total) and the time schedule is 29.5 months.
Due to delayed civil engineering works by the Client, there will be
an extension of the time schedule.
The project’s completion (end of 2015) is approx. 70%.
6. Power Plant Station of 724 MW in Deir
Azzour, Syria
The consortium ANSALDO – METKA (METKA acting as a
leader) undertook for the account of the Public Establish-
ment of Electricity for Generation (PEEG) the works allowed
by the prevailing circumstances (engineering, procurement)
of the project “ engineering, procurement, construction and
commissioning of a natural gas power plant that generates
power with natural gas (main fuel) and diesel (auxiliary fuel),
with nominal capacity of 724 MW in Syria” (Deir Azzour
CCPP).
The budget of the contract is € 687 million paid through a
Letter of Credit which already has been opened in our com-
pany’s name and confirmed in April 2012.
Completed are the engineering and procurement of the
main equipment.
7. Power Plant Construction of 143 MW in
Jordan
With the contract dated 16/12/2012, METKA undertook on
behalf of Samra Electric Power Co. (SEPCO) the expansion
of an existing power station in Jordan, following a successful
completion of the relevant tender.
The project in Zarqa, near the capital Amman, concerns the
engineering, procurement, construction and commission-
ing of a 143MW expansion to an existing power plant, by the
addition of a combined cycle plant, of Alstom technology, to
the existing open cycle gas turbines.
The total contract value is US $143 million and Jordanian
Dinars 11 million, with a time schedule of 28 months from the
contract date and opening of the letter of credit.
The commercial operation of the unit commenced in June
2015.
8. SES Aliveri V, PPC project
Construction was completed within 2012 but commission-
ing was postponed due to lack of a natural gas supply. This
was arranged in November 2012 and the works re-started.
The project was completed in the first half of 2013. Its semi-
commercial and commercial operation was completed
within the second half of 2013.
The completion by the PPC of the procedure towards the
Final acceptance certificate is pending, and is currently at
its final stage.
9. HES Ilarion Hydroelectric Project, Small
Ilarion and small Papadia
The project’s time schedule was modified so that its progress
is aligned with the activities of the civil works performed by
another contractor and PPC’s reservoir filling program. The
electromechanical erection has been completed and the
station has entered into commercial operation in 2014. Final
acceptance is pending and is expected within 2016.
Summarizing
The 2015 turnover from EPC Projects amounts to € 546.2
million which corresponds to a 81.8% of the total 2015 turno-
ver.
B) Defense Projects
1. Patriot production
The production of air defense systems Patriot PAC-3 for Ray-
theon Company is being continued.
Completed within 2015 was the production and delivery of
defense systems for the Government of Kuwait. The con-
tracting party is INTRACOM Defense Electronics under an
agreement with the Raytheon Company/IDS (Integrated
Defense Systems) and the project’s main features were the
manufacture of 12 semi-trailers and 10 launcher platforms.
2. Defined metal structures of the hull and
turret for 62 LEOPARD 2A7 main battle tanks
for the Middle East market
On 26/11/2013 METKA signed an industrial coproduction
agreement with Krauss-Maffei Wegmann GmbH & Co. KG
(KMW), Europe’s leading manufacturer of highly protected
wheeled and tracked military vehicles. KMW chose METKA
to supply defined metal structures of the hull and turret for
62 LEOPARD 2A7 main battle tanks for the Middle East mar-
ket. The value of the agreement adds up to 56.5 million euro
and deliveries are expected to be concluded within 2016.
Up to December 2015, 24 turrets and 26 hulls have been
delivered.
METKA and KMW have been business partners in produc-
ing LEOPARD 2HEL tanks for the Greek Army since 2003
when the two companies set the basis of their co-operation
that included extensive know how transfer and substantial
investments on highly sophisticated machinery in METKA’s
two factories in Volos. This new agreement is the result of
the successful execution of the Greek program that quali-
fied METKA as one of the very few companies that can
perform such demanding fabrication works worldwide and,
certainly, sets a milestone in their long-term cooperation,
particularly with regard to preservation of jobs and know-
how in Greece’s Defense Industry.
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