March 7 (SeeNews) - Iraq's Mass Group Holding intends to invest over 1 billion euro ($1.06 billion) in transforming Romania's Mintia thermal power plant (TPP) into the largest natural gas-fired electricity production facility in the European Union, the Romanian government said.
The first stage of the investment will last 24 months, while the entire project will be completed within 36 months, the government said in a press release issued after a meeting between prime minister Nicolae Ciuca and representatives of the Iraqi holding on Monday.
"Romania needs to make the most of its gas reserves, and the government has already taken important steps in this regard. Gas from the Black Sea, which can currently already provide 10% of annual domestic consumption, will transform our country into one of the largest gas producers in the EU in the coming years," Nicolae Ciuca said.
Mass Group Holding bought the insolvent Mintia TPP at the end of last year for 91.2 million euro. The power plant is located nine km from the city of Deva, in central western Romania.
Established in 1995, Mass Group Holding is an Iraqi company registered in the Cayman Islands/UK with its head office in Amman, Jordan. The holding is focused on power generation and production of cement, iron and steel. It is present in Romania through Mass Global Energy Rom.