By Kim Richters

Siemens AG (SIE.XE) said Wednesday that it has signed contracts with two Russian chemical companies worth a total of 290 million euros ($316.3 million).

The German engineering giant said that it has agreed with PJSC Kazanorgsintez to build an industrial power plant in Tatarstan, Russia, acting as general contractor for the site and providing a SGT5-2000E gas turbine and a SST-600 steam turbine.

Siemens expects the site, for which it also agreed a service contract, to start commercial operations in 2023.

The company also signed a service contract for a power plant owned by PJSC Nizhnekamskneftekhim, it said. Both companies are part of Russian investment company TAIF Group, according to Siemens.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

October 02, 2019 05:21 ET (09:21 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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