London olympic retail site
Australia’s Westfield Group hopes to open its Stratford City retail development in east London in 2011, after receiving local council approval for its plans. The project, located adjacent to the 2012 Olympic Games site, is the largest zoned retail site in London, expected to cover 1.9 million square feet. The company said it was on target to open the development in 2011.
Romanian power facility
Belgium-based Electrabel, a power company and part of the French energy group Suez, plans to build a power plant in Constanta, Romania. The new facility will benefit from an installed capacity of 800 megawatts.
Endesa expands in France
Spanish energy company Endesa plans to invest about €470m in the construction of two combined cycle gas turbine plants with a capacity of 860 megawatts (MW) on its Emile Huchet site in France. The plants will boost Endesa France’s capacity by 30%. They fall under the framework of the firm’s Industrial Plan, with scope for developing 2000MW of additional capacity in France.
YIT locates in Leningrad
Finnish construction and services company YIT plans to invest €420m in the construction of a logistics terminal in the Leningrad Region of Russia (around St Petersburg). The complex, including 11 facilities, will occupy 277 acres. It will have four logistics warehouses for handling and storing home electronics, furniture, lamps and computers, and two processing plants (coffee packing and sausage mass production) as well as disposal facilities.
Mass gas storage in UK
French utility Gaz de France has signed an agreement with UK chemical firm Ineos Enterprises for the commercial development of a salt cavern storage facility at Stublach, Cheshire, in north-west England, with a potential capacity of 14.1 billion cubic feet of natural gas. The project will be developed in three phases between 2013 and 2018, in up to 28 caverns, making it one of the largest salt cavern projects in Europe. The first phase is on track to commence cavity development in 2009. The new facility, which will be one of the main UK storages, will enhance the security of supply to the UK market. The budget for the scheme is estimated to be about £350m (€490m).
Turkey refinery goes ahead
State Oil Company of Azerbaijan (Socar) and Turkey’s Turcas, which have a joint venture for oil exploration, refining and marketing, have received permission to build a refinery in the Yumurtalik region of eastern Turkey. Socar is expected to invest $4bn in the region.
This investment news and data has been provided by OCO Global, a provider of strategic consulting services for economic development organisations in the area of FDI. Key services include management consultancy, investor targeting services, training and mentoring, and software development.