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16 April 2007 - Russian gas monopoly Gazprom and Luxembourg energy group Soteg have agreed to build a €400m ($538.4m) power plant in Germany by 2010, marking Gazprom's further expansion in Europe and its first step into the region's electricity market.

Gazprom, which supplies about a quarter of Europe's requirements, said in a statement that the combined-cycle power plant would be built in the German city of Eisenhuttenstadt and would comprise two turbines with a capacity of 400 megawatts each.

Under the agreement, Gazprom and Soteg will each own 50 per cent in the company building the plant, which will have the right to sell a part of the electricity produced directly to industrial consumers under long-term contracts. The remainder will be sold by Gazprom's European marketing division and Soteg separately.

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