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Slovnaft spins off its heating plant to CM European Power Slovakia

A unit of Slovakia’s largest crude oil refiner, Slovnaft, the heating plant Tepláreň Slovnaft, became a wholly-owned subsidiary of the company as of April 1.

A unit of Slovakia’s largest crude oil refiner, Slovnaft, the heating plant Tepláreň Slovnaft, became a wholly-owned subsidiary of the company as of April 1.

The company's spokesman, Anton Molnar, announced that the heating plant had been renamed CM European Power Slovakia, s.r.o., and remains in the hands of the refinery company, the SITA newswire wrote. The change in the status of the heating plant is part of a projected modernisation as well as a strategic partnership between the MOL group (which controls Slovnaft) and the Czech energy firm ČEZ, which want to build a common steam-gas cycle power plant on Slovnaft's premises.

ČEZ should become a shareholder in CM European Power Slovakia in the future, added Molnár.

Modernisation of the heating plant includes construction of two new boilers, each with an overall steam output of 160 tons per hour, and construction of a new circulation centre for cooling water and related activities. The installed capacity of the heating plant will thus increase from the current 114 MW to 169 MW of electricity.

The generated power should thus cover Slovnaft’s energy consumption, too. A sulphur recovery unit that is to be built in 2011 should secure reduction of sulphur dioxide emissions by approximately seventy percent. Slovnaft, a.s., was inscribed in the corporate register in May 1992. Its share capital is Sk20.625 billion (€684.6 million). Slovnaft operated 209 petrol stations as of late September 2008. Hungarian oil giant MOL is a majority shareholder in Slovnaft, controlling 98.4 percent of the company’s shares. SITA

Compiled by Zuzana Vilikovská from press reports
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