Russian, Macedonian companies sign power plant upgrade contract.

SKOPJE, December 16 (Itar-Tass) - Russian manufacturer of
power-generating equipment, OAO Silovye Mashiny /Power Machines/ based in
St Petersburg and the Macedonian power generating corporation Elektrani na
Makedonija /ELEM/ have signed an agreement on modernizing the country's
largest thermal power plant Bitola.
The modernization projects will costs 56 million euros, of which the
Macedonian government will provide 26 million euros and another 30 million
will be covered by a loan extended by the Macedonian Komercijalna Banka AD.
Reconstruction of the Bitola power plant is the first investment
project in the Macedonian power generating industry over a period of 15
years. It envisions supplies of generating equipment from Russia, as well
as reconstruction and technology upgrade of three power turbines.
This deal will facilitate development of trade and commercial
relations between the two countries and will help improve considerably the
structure of exports.
-0-kle