The new plant that will burn natural gas to produce power and heat will be a joint venture between NIS, majority owned by Russia’s Gazprom Neft, and Gazprom Energoholding, a subsidiary of Russian gas giant Gazprom, in which the two firms will hold 49 and 51 percent stake respectively.

It is estimated to cost 180 million euros ($210 million), NIS said in a statement.

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