Hungary’s Pannonplast To Build Geothermal Plants

[Reuters] Hungarian plastics maker Pannonplast will build geothermal plants for 350 million euros ($496.5 million) in partnership with Iceland’s VGK Honnun, Pannonplast said late on Friday. Pannonplast had asked for its shares to be suspended on the Budapest Stock Exchange on Friday ahead of the announcement, which said the plants will start operating in mid-2010. VGK Honnun Engineering, Iceland’s Glitnir Bank and investment firm FL Group said in January they had set up a company which aims to invest up to $1 billion into the fast-growing global geothermal sector.


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