April 10 (SeeNews) - The European Commission said it has set May 14 as a provisional deadline for its inquiry into the announced joint venture between Hungarian oil company MOL and Czech power utility CEZ.
In December last year, the two companies signed an agreement for seting up a joint venture focused on gas-fired power generation in Slovakia and Hungary first, with further possibilities to be considered in the near future, especially in Croatia and Slovenia, MOL said earlier in a statement.
You can subscribe to our M&A newsletter here
MOL and CEZ will have an equal equity interest and voting rights in the new business entity.
The joint venture plans first to build two combined cycle gas turbine power plants at the refineries of MOL group in Slovak capital Bratislava and in the Hungarian town of Szazhalombatta with installed capacity of 800 megawatt (MW) each. In Bratislava, the current thermal plant will be modernised and its capacity increased to 160 megawatt (MW). The expected investment in both projects will be some 1.4 billion euro.