ECONOMY

Greek arm of Siemens wins Albanian electricity unit upgrade project

TIRANA (SeeNews) – Albania’s power utility KESH said yesterday that the Greek arm of German electronics and engineering group Siemens AG will carry out a 3.6-million-euro electricity units upgrade project in central Albania. «The project was recently assigned to Siemens and will start in January next year,» said Fatmir Hoxha, KESH investments and foreign projects director. The 18-month project envisages the upgrade of the control monitoring of three power units. It is financed through a European Investment Bank loan of 30 million euros signed in 2003, Hoxha said. Fourteen million euros of the loan were not used and were reallocated to a power grid modernization project in the north assigned earlier this month to the Croatian electrical equipment and engineering concern Koncar and the project taken by Siemens.