Mirant bidders told to pursue expansion
Saturday, October 21, 2006
By Roderick T. dela Cruz
The government has told the prospective bidders for the Philippine assets of Atlanta-based Mirant Corp. to honor the contractual obligations with National Power Corp. and pursue an expansion program in the country.
The Department of Energy in a statement said during a closed-door meeting held at the Manila Golf Course at the Bonifacio Global City on Oct. 19 that the government asked about the expansion plans of the prospective bidders to meet additional power demand in the coming years.
“The prospective buyers of the Mirant assets presented to the government their respective technical and financial qualifications that would enable them to perform the contractual obligations of Mirant to Napocor,” the department said.
Energy Secretary Raphael Lotilla, Trade and Industry Secretary Peter Favila and Finance Secretary Margarito Teves met with the potential bidders and senior officials of Mirant apparently to discuss the sale of Mirant’s assets in the country.
Mirant is divesting its interests in the Philippines and the Carribean as a part of its restructuring program. It hired Credit Suisse as advisor for the sale of its Philippine plants in Hong Kong, where it could avoid payment of taxes, according to some senators.
posted by philpower @ 8:34 AM,
