Philippines pushing on with sale of power assets
Philippine Star
July 5, 2006
MANILA (AFP) - The Philippines is determined to push through with the sale of state-run power transmission and generation assets despite the failure of a tender for a 600 Megawatt power plant, a top official said Wednesday.
The government earlier this week cancelled the sale of the Masinloc coal-fired plant after the prospective buyer, YNN Pacific Consortium, failed to make an initial payment on its winning bid of 561.74 million dollars.
"The government's restructuring and privatization program for the power industry will not be hindered because we're moving ahead with the bidding of the assets of National Power (Corp). scheduled for this year," President Gloria Arroyo's chief aide, Eduardo Ermita, said in a statement.
He said the Masinloc case showed that "the necessary measures to ensure that the government interest is fully protected, are in place."
The government must wait for favourable conditions before attempting to sell Masinloc again, he remarked.
The government's power privatization agency has issued invitations to bid for other power assets including three hydroelectric power plants and two geothermal plants with a total of 1,172 megawatts of capacity.
Those seeking to bid for the 25-year concession to run the country's power transmission assets also have until mid-July to submit applications to take part in the public auction.
July 5, 2006
MANILA (AFP) - The Philippines is determined to push through with the sale of state-run power transmission and generation assets despite the failure of a tender for a 600 Megawatt power plant, a top official said Wednesday.
The government earlier this week cancelled the sale of the Masinloc coal-fired plant after the prospective buyer, YNN Pacific Consortium, failed to make an initial payment on its winning bid of 561.74 million dollars.
"The government's restructuring and privatization program for the power industry will not be hindered because we're moving ahead with the bidding of the assets of National Power (Corp). scheduled for this year," President Gloria Arroyo's chief aide, Eduardo Ermita, said in a statement.
He said the Masinloc case showed that "the necessary measures to ensure that the government interest is fully protected, are in place."
The government must wait for favourable conditions before attempting to sell Masinloc again, he remarked.
The government's power privatization agency has issued invitations to bid for other power assets including three hydroelectric power plants and two geothermal plants with a total of 1,172 megawatts of capacity.
Those seeking to bid for the 25-year concession to run the country's power transmission assets also have until mid-July to submit applications to take part in the public auction.
0 Comments:
Post a Comment
<< Home