National electricity carrier Transelectrica will sign a contract for the complete rehabilitation of the 400/220 kv Brazi Vest electrical station with Japan-based Itochu Corporation, sources close to the talks told Ziarul Financiar. "The project is worth more than 30 million euros, with the foreign financing covered by funds of the Japan Bank for International Cooperation (JBIC) and ING, while the local financing component will be covered from Transelectrica's own resources, from the special energy system development fund and from ING-supplied funds," the quoted sources said. The contract will be signed as soon as the Boards of Directors of the two companies endorse it, with the commercial contract signed first and the financing contract negotiated after. The project will be carried out within 33 months from signing, as specified by the quoted sources. Itochu Corporation is an energy equipment supplier more and more active on the Romanian market and has recently become one of the contenders on the market of projects put out by Transelectrica, as did General Electric (US) and VA Tech. The total energy service and equipment market is estimated by some players to approximately $550 million this year, up 10% from last year. Other players say it is somewhat lower. Another newcomer on this market is Jakobsen Elektro (Norway), which won an 18.5 million euro contract for upgrading the Rosiori electrical station this year. ZF
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