Several UK energy missions due here
Monday, September 25, 2006
To look for possible investments in power
By MYRNA M. VELASCO
Several high-level business missions from the United Kingdom will be in the country next month, primarily to scour for prospective investments in the energy sector.
Energy Secretary Raphael P.M. Lotilla bared that during a dinner hosted by British businessmen and Hong Kong Shanghai Banking Corporation (HSBC) for President Arroyo, he noted that a number of them have expressed revived interest to look into prospects in the energy sector.
"The energy sector remains to be a major sector of interest to most of them," the energy chief has noted.
Lotilla further disclosed that he was informed on the forthcoming visit on October 25 this year of British Gas chairman Sir Robert Wilson; and also that of the top executives of Royal Dutch Shell Group.
These companies are expected by government to pursue expansion of their respective businesses in the country; with the BG group eyeing another 500-megawatt natural gas capacity addition in Batangas with its local partner First Gen Corporation.
Shell, on the other hand, is at the thick of completing a study for potential expansion of its refinery in the Philippines, which will also serve as a determining factor for their principals to decide on whether or not their local refining operations shall be retained.
For other European countries, Lotilla noted that majority of interests voiced out during the Asia Europe Meeting (ASEM) in Helsinki, Finland were on biofuels and renewable energy developments.
He added that there’s a thriving consensus among Asian and European countries to "collectively develop oil and gas sources," so that they can eventually be partly shielded from the vagaries of oil supply monopoly of the Middle East producers.
On biofuels, the energy chief relayed that the previous call on harmonization of fuel standards was similarly set on the table during the ASEM meeting.
Denmark and Finland, on one hand, plans to get aggressive on hunting for investment opportunities on renewable energy sources, that include development of wind power projects and biomass facility utilizing rice husk or coconut as feedstock, respectively.
Austria and Belgium were also reported looking on potential ventures on biofuels and renewable energy.
Finland Ambassador to the Philippines Ritta Resch, for one, was asked by their Minister of Trade and Industry Mauri Pekkarinen to put up a delegation of businessmen who will look into energy investment opportunities in the Philippines.
Leaning in part on project funding that can be tapped by investors from Finnfund, Finnish firms are expected to search for investments either in renewable energy or in providing technology for power projects, such as the niche already carved by Wartsila for oil-fired power facilities.
Finnfund is a development finance company providing long-term risk capital for profitable projects in developing countries and transition economies outside the European Union
posted by philpower @ 8:21 AM,
