Beirut, 13 May 2013: After asserting that it has worked out a solution with the Electricité du Liban (EDL) and the Lebanese Ministry of Energy and Water, to find a fast and appropriate response to restore normal energy production aboard its Powership Fatmagül Sultan as per the contract, Karadeniz announces that all preparations onboard the Powership Fatmagul Sultan are complete.

 Stressing on this, Karadeniz confirms that its damage control team successfully demonstrated full power last Thursday (9 May 2013). 

Following extensive efforts between all contractual parties, EDL has arranged for a new batch of adequate fuel, as per the company's request to be delivered to company in the coming days at no additional cost to the Government of Lebanon as per the contract.

 It is also very important to note that following the acquisition of adequate fuel, Karadeniz Powership Fatmagül Sultan will at once resume electricity generation at full capacity. As per Contract, Karadeniz will also make as goodwill, its utmost efforts and will operate in a way to compensate for the lost generation, due to damage caused to its electricity producing systems without any additional expenses incurred by the Government of Lebanon.

 Karadeniz Powership Fatmagül Sultan, which arrived to Lebanon on February 18th, has been specifically developed to support the Lebanese Energy plan. It was successfully connected to the Lebanese electricity grid ahead of the contractual deadline. The Powership, which has liquid fuel as its primary resource, is being operated by a team of highly qualified experts consisting of 60 engineers and technicians.

The company's second Powership is presently being built and shall sail to Lebanon, where it will dock facing Jieh power plant, to begin the power production as per the contract signed between the company and the Lebanese Ministry of Energy and Water.

ABOUT KARADENIZ POWERSHIP FATMAGÜL SULTAN:
KARADENIZ POWERSHIP FATMAGÜL SULTAN the sixth vessel in the fast growing company's Powership Fleet sailed to Beirut under the "Power of Friendship" project. The latter is an innovative product with its design, precise engineering, construction process, and is now a worldwide-recognized brand. Powerships are fast track, stand-alone utility size solutions for medium term power generating needs. It is worth mentioning that the 'Power of Friendship' project has maintained the highest level of international industry standards.

© Press Release 2013