Israel Chemical announced that it plans to build a $320 million natural gas power plant in Sodom, in southern Israel. The project, which will be headed by ICL subsidiary ICL Fertilizers, is set to be completed by the end of 2015. ICL would like to see the new power plant replace the existing one, which runs on fuel oil. The new facility is meant to produce 330 tons of steam an hour and some 250 megawatts of power. ICL said that the new power plant will be equipped with advanced technology, making it compatible with the most advanced efficiently and environmental protection standards. The company added that the facility will be able to "reduce electricity prices and ensure the reliability and availability of the energy lineup for the next 20 years, while protecting the environment and avoiding air pollution." Dani Chen, CEO of ICL Fertilizers, added: "The new power plant in Sodom is another example of our investments in the Negev area. It will afford the area energetic stability, will comply with all environmental regulations and will increase competition in the field." Follow Ynetnews on Facebook and Twitter