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Friday, 18 April 2014

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PFI Issue 139

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  • A signing date for pipeline

    PFI Issue 139

    Malaysia and Thailand will sign an agreement in March to produce and distribute gas in the once-disputed Joint Development Area in the Gulf of Thailand. Gas reserves in the 7,250 sq km area are estimated at 10tr cu ft.

  • A view from Asia

    PFI Issue 139

    The developing problems in the tiger economies of South- East Asia are very much in the news and their effects have spread to other areas of the world. such as the Middle East petrochemcials market. How different the current situation is from that of a year ago when all everyone could talk about was the boom in Asia. The boom spurred a feeling that the fast growth pace would continue for years. This in part contributed to the problem. By Andrew Spiers, managing director, Chem Systems East Asia*.

  • Advisory mandates awarded

    PFI Issue 139

    The following advisory mandates have been awarded:

  • AES gets its prize

    PFI Issue 139

    The development contract for the 300MW Haripur combined cycle power project has been awarded to AES Transpower. The company is believed to be in the process of finalising its request for proposal documentation. Under the letter of intent from the government, all documents are to be signed within 60 days of the award of the contract (PFI issue 132).

  • Agip mulls Hainan refinery

    PFI Issue 139

    Agip is due to make a decision soon on its involvement in an US$800m refinery project in Hainan. The Italian company has been mulling over its participation in the joint venture with HK-based Haikou for the last couple of years.

  • AIP considering bank loan

    PFI Issue 139

    Asia Independent Power (AIP), the joint venture company of Singapore Power International (SPI) and Sinar Mas, is considering non-recourse bank financing to refinance its recent acquisition of two co-generation plants of PT Indah Kiat Pulp & Paper and PT Pindo Deli Pulp & Paper Mills (PFI issue 137, p17).

  • Airports to be sold

    PFI Issue 139

    The secretary of transport and communications has begun the privatisation of 35 of the nation's 58 airports. The first of the four packets of airports to be sold off are in the south-east, including nine airports with Cancun as the anchor.

  • Allegheny sells assets

    PFI Issue 139

    Allegheny Electric Co-operative is seeking requests for proposals for the sale of its electric generating assets. Two Pennsylvania plants are for sale: the leasehold on the 21MW Raystown project and a 10% interest in a nuclear power plant in Susquehanna.

  • Aluminium expansion

    PFI Issue 139

    Bechtel and Kaiser Engineers are leading an expansion of the Worsley alumina refinery in Western Australia. The plan is to double the refinery's annual output, placing it among the three largest alumina refineries in the world. The expansion involves modifying the bauxite mine and an overland conveyor, increasing steam and power generating capacity, modifying and expanding process facilities, and improving nearby port facilities.

  • Apache blazes a trail in Egypt

    PFI Issue 139

    In October last year, Chase closed the first syndicated loan in Egypt for a non-bank borrower that did not involve a multilateral agency. The US$250m five-year reducing revolving credit facility will be used by various subsidiaries of the US$4bn Texas oil and gas producer Apache Corporation to refinance an IFC loan, and to provide funds for the ongoing development of the company's assets in Egypt. By Annie McMahon, vice- president, Chase Manhattan.

  • Ariawest will make payments

    PFI Issue 139

    PT Ariawest has set aside funds in an offshore account for its March interest payment and the project will proceed with payment as scheduled. Contrary to a report in the last issue (p8), the project company has not asked for any deferment of interest instalments and there has been no change to the original credit agreement.

  • B Band analysed

    PFI Issue 139

    Brazil's Supreme Court is analysing a plea from the Ministry of Communications to rule on the injunction filed by the Tess consortium (Eriline, CR Almeida, Telia) against the tender for a licence to operate cellular services (Band B) in the Sao Paulo state countryside.

  • Bach Ho gas project work-out

    PFI Issue 139

    Enron Corp of the US is reported to be finalising its negotiations with the government on the development of a power project and an industrial complex that will tap the White Tiger oil and gas reserves. Enron is leading a group of investors that will eventually develop the Bach Ho gas utilisation project that will house a nitrogen fertiliser plant, an LPG bottling unit, a steel rolling mill and a 1,200MW power plant.

  • Bakun work continues

    PFI Issue 139

    The government will continue with preparatory work on the delayed Bakun dam project such as the river-diversion tunnel and jetty.

  • Bangalore blues

    PFI Issue 139

    The plan to proceed with the Bangalore International Airport project by the Tata Industries consortium of developers may have to take a back-seat again while the Karnataka state government and the central government bicker over the project. This time the disagreement is on whether to close the existing HAL airport in favour of the new US$450m international airport (PFI issue 128).

  • Bargain check-outs

    PFI Issue 139

    Foreign companies are busy checking out potential acquisitions in Thailand, as the volatility in the baht subsides and a new government led by Chuan Leekpai demonstrates its commitment to the tough package imposed by the IMF.

  • Basin Bridge attracts CMS

    PFI Issue 139

    CMS Energy has acquired a 49% interest in a 200MW diesel- fuelled IPP now under construction in Chennai, Tamil Nadu. GMR Vasavi Group, the project developer from which CMS purchased its stake, will hold 51% of the project's equity (PFI issue 135).

  • Bidders for FCC

    PFI Issue 139

    A number of international and domestic bidders are lining up to battle for a 28% stake in Fomento de Construcciones y Contratas (FCC).

  • BP signs Sakhalin deal

    PFI Issue 139

    BP has signed a preliminary agreement to bid jointly with Rosneft and its Sakhalinmorneftegas subsidiary for the right to develop the Sakhalin 5 gas prospect off Russia's eastern seaboard, if and when the project is put out to tender for development under a production-sharing agreement or other arrangement. Under the terms of the provisional deal, BP would take a 49% stake in the joint project company and each of the Russian entities would take 25.5%.

  • Cable market expands

    PFI Issue 139

    Competition is about to hot up in the Spanish cable market with three more cable licences due to be awarded by the middle of March. A number of companies, including CableEuropa and the CyC consortium, are due to submit bids in the next couple of weeks.

  • Calpine's next move

    PFI Issue 139

    Calpine Corp, whose Pasadena plant was the first US merchant power project to secure non-recourse financing, has said its next move will be to finance its Tiverton, Rhode Island, project off the balance sheet.

  • Camisea is tax exempt

    PFI Issue 139

    The Peruvian government has decided to maintain Camisea's natural gas exemption status. Specifically, Camisea will remain exempt from the Selective Consumption Tax (ISC) after 2000, according to Alan Hunt, general manager of Shell Prospecting and Development Peru (SPDP). Camisea is being developed by Mobil and Shell.

  • Capufe to be sold

    PFI Issue 139

    Mexico's Highways and Bridges Department (Capufe) will be partially privatised in 1999 with the issue of capital stock on the Mexican Stock Exchange. The aim is to raise funds for new road projects.

  • CCGT technology questioned

    PFI Issue 139

    The reliability of the new CCGT technology and its possible impact on the power supply system has been questioned by energy analyst Dr Jim Watson of the Science Policy Research Unit at Sussex University in his submission to the government's power review.

  • Cell co to invest

    PFI Issue 139

    Cedetel, a telecommunications company based in Monterrey, Nuevo Leon, plans to invest US$65m to extend cellular services as part of its modernisation plan. The company, which recently began offering cellular services, invested US$40m to begin operations.

  • Cellular licence awarded

    PFI Issue 139

    Mascom has been awarded the first cellular phone licence in Uganda by the Botswana Telecommunications Authority (BTA).

  • Chase on digital

    PFI Issue 139

    Chase has arranged a US$50m project-style loan for direct pay-TV company Nethold Mediterranean BV, a subsidiary of the South African digital TV company MIH. The loan will be non-recourse to the parent. It will run for 4.75 years and the margin starts at 200bp reducing down on a EBDITA ratio. Participation fee is 52.5bp. Three banks have already been bought into the deal, which is being syndicated on a club basis, and more are expected to commit in the next few weeks. The banks are Alfa Credit Bank, Agr

  • Cogen planned

    PFI Issue 139

    York Research Corp's Trinidadian subsidiary will build a 215MW natural gas-fired combustion turbine facility in the Republic of Trinidad and Tobago. Based on current estimates, the project is expected to cost approximately US$100m.

  • Comalco, Alcan do a deal

    PFI Issue 139

    Comalco and Alcan South Pacific will jointly develop the Alcan-owned Ely bauxite reserve in conjunction with Comalco's Weipa bauxite operations on Western Cape York Peninsula, Australia (PFI issue 127). Reserves from Ely will be transported to Weipa, which has the necessary infrastructure for shipping the bauxite. The Weipa operations has a production capacity of about 11m tpa. Chase has been mandated by Alcan to do a bond issue for the A$200m project.

  • Compensation for Lyon banks

    PFI Issue 139

    Lenders to the Lyon toll-road are now likely to receive full compensation from the French state, following the cancellation of the concession contract and the subsequent closure of the FFr2.3bn road.

  • Competition for Swiss mobile

    PFI Issue 139

    Orange and Viag have formed a consortium to bid for one of the two new Swiss mobile phone licences that will be awarded in April. The two companies plan to invest more than SFr1bn in the project.

  • Court rejects TORs

    PFI Issue 139

    The administrative court in Ankara has ruled that 12 of the transfer of operating rights (TORs) power plant concessions are invalid because a Council of Ministers decree was not obtained before the deals were tendered.

  • CPC budget approved

    PFI Issue 139

    The Caspian Pipeline Consortium has announced that its shareholders had approved a budget and work plan for 1998, following suggestions earlier in the month that funding for the project would be frozen (PFI issue 138, p41) .

  • CSFB leads project securitisation

    PFI Issue 139

    Credit Suisse First Boston held a roadshow last week offering US$617m of asset-backed floating-rate notes for Project Funding Corp, a special purpose vehicle created to collect loan payments and distribute them to the noteholders. The Rule 144a issue marks the first time project finance loans have been securitised. By Jacqueline Mulhern.

  • Derwent soon

    PFI Issue 139

    The competition to refinance the Derwent project loan is expected to be launched soon. Project adviser Barclays Capital has taken the loan on its books in the meantime.

  • Disco acquired

    PFI Issue 139

    More details have emerged regarding one of the recent electric distribution company acquisitions in El Salvador, the first Central American country to begin the power privatisation process. PP&L Global Inc, in conjunction with its Chilean partner, has acquired a 75% interest in Distributidora de Electricidad del Sur SA (DelSur), an electricity distribution company serving 193,000 customers in El Salvador.

  • Discovery allocations

    PFI Issue 139

    The final allocations for the Discovery project were as follows: a US$35m portion was taken by Bank of Montreal, Den Norske, NationsBank, Prudential Capital Group and Royal Bank of Chicago. A US$20m commitment was made by First Chicago.

  • Dow obtains SPC nod

    PFI Issue 139

    The State Planning Commission has given its blessing to the joint venture of Dow Chemical and Asahi Chemical Industry to build a polystyrene plant. The important nod has removed a major hurdle but the project still requires other approvals from various government agencies.

  • Dubal seeks US$500m

    PFI Issue 139

    Dubal, Dubai's aluminium producer, is looking to raise debt of US$500m towards its US$725m expansion project. The debt is likely to be raised in stages in the bond market and Merrill Lynch, arranger of a previous Dubal financing, and ING Barings are among the bidders for the mandate.

  • Durham hospital soon

    PFI Issue 139

    The financing for the North Durham hospital is expected to be signed very shortly, the fifth closing of a new NHS hospital under the private finance programme.

  • EcoElectrica launched

    PFI Issue 139

    ABN AMRO and Paribas invited about 30 institutions to last week's launch of the EcoElectrica general syndication. CoBank has taken a US$75m piece of the loan's B tranche in exchange for a senior co-arranger position. Final commitments are due on March 17. EcoElectrica is a Puerto Rico-based power project fired by liquefied natural gas (LNG). Project financing closed in mid-December. The deal was one of the first to hit the market since the Asian financial crisis hit the Americas in late October.

  • EDB considers bigger stake

    PFI Issue 139

    The Economic Development Board may take more than a 30% stake in Mobil's proposed US$1.04bn ethylene complex due to the currency crisis in the region (PFI issue 136, p21). Mobil is expected to announced its decision whether to go ahead with the project by the end of the first quarter.

  • El Paso pipeline unveiled

    PFI Issue 139

    El Paso El Paso Energy International Co, a business unit of El Paso Energy Corp, has finalised agreements with the partners of an international consortium to build the 325- mile Gasoducto del Pacifico pipeline from Argentina across the Andes mountains into Chile, roughly 300 miles south of Santiago. Construction on the US$380m project has already begun and the pipeline is scheduled to be in service by late-1999.

  • Enron hires Chase

    PFI Issue 139

    It is rumoured that Enron Corp is the developer that hired Chase as adviser on a US$5bn fund to develop energy and water infrastructure projects in the US and South America. Enron is planning a US$5bn capital markets fund. (PFI issue 138, p2).

  • Enron pulls out

    PFI Issue 139

    Eletrobras has pulled Enron's name from the list of prospective bidders for the tender, following Enron's decision not to sign a contract to transport power from Argentina to Brazil. Enron sent a letter to Eletrobras acknowledging that it was impossible to meet the contract with the prices asked for in its proposal, and if it went ahead losses could reach US$50m per year.

  • Entergy signs on power

    PFI Issue 139

    Entergy has signed a preliminary agreement with the national electricity company Nationalna Elektriseeska Compania (NEK) to upgrade the country's power capacity and make it an energy hub for the Balkan region.

  • Essar restructures debt

    PFI Issue 139

    The debt component of the first phase of Essar Power's 515MW Hazira power project is expected to be restructured soon, given the recent foreign exchange fluctuations. As part of this restructuring, Essar Power will substitute its foreign currency loans - estimated at US$150m - into rupee-denominated loans over a period of two to three years. The company had just recently received the state government's nod to proceed with its second phase (PFI issue 138).

  • Ethylene contractors sought

    PFI Issue 139

    JG Summit Petrochemical Corp is reported to have started financing arrangements for its 350,000 tpa ethylene plant and is beginning to sound out banks for a project financing loan. No details were available, but the project has also just begun preparations to seek an EPC contractor. Invitations to bid on the contract are expected to be issued soon and among those interested are Toyo Engineering Corp, Mitsubishi Heavy Industries, ABB Lumus Global, JGC and Stone & Webster.

  • European Telecoms019987

    PFI Issue 139

    Telecom market delays Many European countries are falling behind the schedule to open their telecommunications market to competition, a new EU report has found.

  • European Telecoms019988

    PFI Issue 139

    Next generation for mobiles The international telephone industry has agreed on a new mobile telephone standard for the next century's mobile multimedia world. The new standard sets the basis for the Universal Mobile Telecommunications System (UMTS), which will offer users such advanced features as two-way text messaging, moving video images and easy Internet access by 2002.

  • Eurotunnel results

    PFI Issue 139

    Eurotunnel has issued its 1997 results, showing an increase in turnover of 14% to £531m, with operating costs down by 8% to £296m. Operating profit of £57m was slightly above the forecast in the share prospectus last May but traffic numbers were slightly below forecast.

  • Explosive finish

    PFI Issue 139

    The financing for the A$235m ammonium nitrate plant project at Moura, Queensland has closed with arrangers ABN AMRO and Banque Nationale de Paris underwriting the debt portion of A$175m (PFI issue 132). The project is sponsored by Dyno Nobel Asia Pacific and Wesfarmers CSBP.

  • Financing of the Salalah port

    PFI Issue 139

    In recent years, the Middle Eastern shipping routes linking the Mediterranean with the Indian subcontinent and South-East Asia have allowed the ports of the United Arab Emirates to build up an important trans-shipment and distribution role. The development of Mina Raysut (Raysut Port) at Salalah in southern Oman will provide a major trans-shipment facility strategically located directly on the main east-west trade routes and which will be available without the need to enter the Arabian Gulf. By David W

  • Fixed phone winners

    PFI Issue 139

    The Italian government has awarded licences to two new telephone companies, marking the end of Telecom Italia's monopoly in the country.

  • Foreign interest in PGN

    PFI Issue 139

    PGN's plans to sell 25% of its shareholding have attracted at least 30 foreign gas companies, according to the state gas company. However, the uncertainty surrounding PGN's rights to sell gas domestically is proving to be a concern with potential investors. Under Indonesian law, Pertamina has the exclusive right to explore, produce and transmit gas in Indonesia. A 1994 regulation allowed PGN to sell gas to corporate and household buyers.

  • Gas concession won

    PFI Issue 139

    The Franco-Mexican consortium composed of Gaz de France International, Mexigas and Bufete Industrial Construcciones has won the international contest for distribution of natural gas to north Tamaulipas state.

  • Gas privatisation set

    PFI Issue 139

    The Energy Regulatory Commission (CRE) has begun the process of privatising the Monterrey Natural Gas Distribution System (SGNM), currently owned by the public sector entity, the Federal Electric Commission (CFE). The tender winner is scheduled to be announced on March 19.

  • Gazprom forms ENI alliance

    PFI Issue 139

    Gazprom has signed a strategic alliance with ENI of Italy. ENI will buy up to 3% of Gazprom's shares and the two companies will develop a priority project, the gas field in the Astrakhan area near the Caspian, which could be project financed within two years. Credit Lyonnais advised Gazprom on the deal, and UBS advised ENI.

  • Government awards COWs

    PFI Issue 139

    The minister of mines and energy awarded 50 contracts of work to domestic and international investors to develop mineral and coal resources. The contracts comprise 38 Seventh Generation COWs for mineral resources and 12 Third Generation COWs for coal mining.

  • Government will honour PPAs

    PFI Issue 139

    The government has publicly assured investors that it will honour the PPAs between PLN and the IPPs. The Minister of Mines and Energy IB Sudjana was quoted in local newspapers as saying: "In principle, we never want to make investors suffer losses. We shall never break the power purchase agreements we have signed." The announcement may ease the fears of international investors and bankers that PLN will default on the PPAs.

  • GSM licence hots up

    PFI Issue 139

    A Vodafone international consortium is the clear favourite to win Egypt's second mobile phone licence, following initial results of the tender evaluation.

  • GSM mandate confirmed020008

    PFI Issue 139

    Deutsche Bank confirmed that it and Bank Handlowy had been mandated to jointly arrange an eight-year non- recourse loan for GSM operator Polkomtel. Deutsche has underwritten a DM660m tranche and Handlowy is committed to a local currency tranche of Z300m.

  • GT begins expansion

    PFI Issue 139

    GT Petrochem Industries started construction of a 25,000 tpa to 30,000 tpa ethoxylates facility in Merak, West Java in early-December 1997.

  • Hydropower seeks foreign funds

    PFI Issue 139

    Foreign investment in the Minxi Mianhuatan hydropower plant is still possible. Initial construction on the dike is scheduled to begin in April, with completion set for April 2001 and with initial operations to begin in July.

  • Indian IPP power market surges

    PFI Issue 139

    The Indian power market is witnessing a surge of positive activity with marked advancements in the financing of a number of independent projects. Bankers said this could be the year where India closes a number of IPP projects, following last year's less than stellar performance. Leading the pack is the SPIC power project at Tuticorin which has just picked its lead arranger and expects to close financing by the end of the year. By Prakash Krishnan.

  • Infrastructure investment set to rise in South Africa

    PFI Issue 139

    South Africa has seen a huge growth in private sector investment over the past year, as the country strives to meet the rising demands for funding in essential infrastructure, energy and telecommunications projects. By Julie Carr.

  • Ingleside awards contract

    PFI Issue 139

    Duke Energy and Fluor Daniel have said their business unit, Duke/Fluor Daniel, has been awarded a contract by Ingleside Cogeneration Ltd Partnership to design and build a nominal 440MW, natural gas-fired cogeneration power plant near Ingleside, Texas.

  • InterGen confirmed

    PFI Issue 139

    InterGen has been selected as preferred bidder on the 650MW Sidi Krier 2 oil-fired independent power project. The team was 5%-6% cheaper than the next-lowest bidder Enron at 2.6 US cents at the official opening in October, but the two US groups slugged it out until the end.

  • IPP raises funding needs

    PFI Issue 139

    Hoping Power has reportedly raised its loan amount from NT$28bn to more than NT$30bn. This is to help the IPP developer meet additional funding due to the weakening New Taiwan dollar against the US dollar.

  • Iran's NPC looks International

    PFI Issue 139

    Iran has been making a big effort to attract international investment in its oil-related industries, particularly with the new President Khatami in place since last summer. Its petroleum arm, National Petroleum Company (NPC), has just issued a whole range of schemes for developers and financiers to consider. By Rod Morrison.

  • Itaipu to invest

    PFI Issue 139

    Itaipu will call for bids to set up the last turbines (700MW each) by March 3. The investment required will be US$190m. The turbines will start up by December this year.

  • Japanese telecom jv formed

    PFI Issue 139

    The Mexican subsidiary of Japanese firm Toshiba and Telefonos de Mexico (Telmex) through its own subsidiary, Telcel, have formed a strategic alliance to offer personal communications services (PCS). The companies will offer the installation of new cellular telephone applications in laptop computers or notebooks in one of the first alliances arising from the availability of PCS, which will begin this year.

  • JTM to extend guarantee

    PFI Issue 139

    The Department of Telecommunications has asked JT Mobiles to extend its bank guarantee by another three months. JTM has yet to pay the last two instalments of the second year's licence fees due to inadequate cashflows into the project company. JTM is believed to have agreed to extending its bank guarantee until May.

  • Keyma expected

    PFI Issue 139

    The preliminary information memo for the arranging role on the Keyma petrochemicals project is due out shortly. Bank of America is advising Sabic and its joint venture partner in Keyma, Exxon.

  • Korba may lose Daewoo

    PFI Issue 139

    Daewoo is apparently planning to sell off its majority stake in the US$1.23bn Korba power project in Madhya Pradesh. One of the reasons cited for the divestment is the Korean company's cash crunch situation in the middle of the Asian financial crisis.

  • Mayakan digs in

    PFI Issue 139

    The international consortium Mayakan Energy has begun construction of the natural gas pipeline from Ciudad Pemex to Valladolid on the Yucatan Peninsula with an initial investment of US$260m. The project digs in just as Union Bank of Switzerland is accepting final commitments, which were due on February 20. Details should emerge soon regarding final allocations.

  • MCI won't quit

    PFI Issue 139

    The US telecoms group MCI will not end its association with Grupo Financiero Banamex-Accival in the long distance carrier Avantel despite the fact that, due to the government's "failure to comply with commitments", "unequal" conditions have been created in Mexico, said Avantel's director general. However, the company has decided to postpone US$900m of investment, given the continuing favouritism shown towards Telmex.

  • Minority blow for oil

    PFI Issue 139

    The ability of Russian oil companies to raise finance from the capital markets is under threat in the wake of the decision by Russia's Federal Securities Commission to annul Sidanko's convertible bond issue, which could have raised a rouble sum equivalent to US$2.6bn.

  • Mitsui out of Ispat

    PFI Issue 139

    Mitsui is believed to be pulling out of the US$290m Bahrain Ispat spronge iron reducing project being developed by Ispat. Mitsui was taking a 20% stake in the deal but, more importantly, was buying the 1.2m tonnes pa of product. The project will now have to go back to the drawing board.

  • More banks on board

    PFI Issue 139

    The list of banks supporting the bidders for the Abu Dhabi 500MW and 50m gallon desalination plant is becoming clearer. Many of the mandates appear to be on the basis of advisory into arranging-style roles. Bids are due in at the end of March.

  • More revenues for Superhighway

    PFI Issue 139

    Traffic flow has improved substantially on the Guangzhou- Shenzhen Superhighway (Holdings), reflected in a strong 25% increase in toll revenues in the second half over the first half of last year. This has allowed Standard & Poor's to maintain a BB rating on the highway's US$600m bonds, which were issued in the middle of last year.

  • MTN wins cellular

    PFI Issue 139

    An MTN consortium has been awarded the licence to operate cellular telecommunications in Uganda and is bidding for licences in Rwanda and the Democratic Republic of Congo.

  • Multinational pipe planned

    PFI Issue 139

    The Mexican government has given its backing to a project to build a gas pipeline from Ciudad Pemex, in the south of the country, which would distribute natural gas to Guatemala, El Salvador and Honduras.

  • Nam Ngun mulls funding

    PFI Issue 139

    Sponsors of Nam Ngun 3 are said to be preparing to talk to various export credit agencies to extend financial support to the export-oriented power project.

  • Netcom oversubscribed

    PFI Issue 139

    Syndication has closed oversubscribed on the SKr5bn structured loan and guarantee facility for Tele2 AB of Sweden, arranged by CIBC Wood Gundy Oppenheimer and WestLB. Signing is scheduled for March 5, when more details will be released.

  • New face of Turkish private power

    PFI Issue 139

    The authors have previously described the concession issue (Solutions to the Turkish concession issue, PFI 123, June 18, 1997) that has transformed the private power industry in Turkey. In this article they describe developments since then and in particular the emerging features of private power concession projects. This is the text of a speech for the 1998 Annual Conference of the American-Turkish Council in Washington, DC on February 26 1998. By Hugh Verrier, White & Case LLP, and Mesut Cakmak, Cakma

  • New Gazprom loan

    PFI Issue 139

    Bayerische Landesbank, Chase, ING Barings and some Hungarian banks including Gazprom's Hungarian banking subsidiary are putting together a US$300m club loan for Gazprom.

  • New Projects019935

    PFI Issue 139

    A nylon plant planned by China Petrochemical Development Corp of Taiwan is in the pipeline for the city of Wuxi in Jujian province. Construction is due to begin at the end of 1999 with completion of the first phase with a capacity of 15,000 tpa due in 2000. The second stage will raise output to 35,000 tpa.

  • New Projects019936

    PFI Issue 139

    Petronas and Union Carbide are expected to sign a joint venture agreement to develop a petrochemical complex. The plant will be located in Kertih, Terengganu. The olefins plant will have an annual ethylene capacity of 600,000 tpa. The plant is estimated to cost between US$3bn and US$4bn.

  • New Projects019937

    PFI Issue 139

    Tomen and local partner Aneka Kimia Raya will embark on a joint venture to develop a 20,000 tpa polypropylene glycol plant. The plant is scheduled to begin operations in early 1999.

  • New Projects019938

    PFI Issue 139

    Amoco Chemical Asia Pacific and Salim Chemical will carry out a feasibility study for a polypropylene plant. Output is expected to be 200,000 tpa. The plant, which will be located in Merak, West Java, is scheduled for start-up in 2001.

  • New Projects019939

    PFI Issue 139

    Mitsubishi Corp, Asahi Chemical Industry and local companies PT Parna Raya, Yayasan Tabungan Hari Tua and PT Pupuk Kalimantan have finalised plans for a new 450,000 tpa ammonia plant that will be located at Kalimantan, Indonesia.

  • New sponsors join San Pascual

    PFI Issue 139

    Itochu and Nissho Iwai have both decided to join Mission Energy and Texaco as sponsors in the San Pascual cogeneration plant. Itochu, reported to be advised by LTCB in the stake acquisition, is said to be finalising a 25% stake, an amount said to reflect its role as fuel supplier as well.

  • No bidders for ETI sale

    PFI Issue 139

    A government auction to find buyers of a 10.2% stake in Eastern Telecommunications Philippines attracted no bidders last week, despite interest expressed by a couple of telecom operators (see last issue, p18). The Presidential Commission on Good Government, which is selling the government stake, said it would set a second bid a fortnight later. Should that draw no bids again, the government will open the sale to negotiations.

  • No hiccups at Musi Pulp

    PFI Issue 139

    The drawdown of Tanjong Enim Lestari Pulp & Paper's US$250m facility proceeded on schedule on January 27 amid rumours that a few Korean banks in the syndicate failed to provide funds. Their portions are believed to comprise only a small portion of the total commercial loan amount. The arrangers could not be reached for comment. The Musi pulp project is proceeding smoothly ahead on schedule despite the small shortfall as it is believed to be slightly over-funded.

  • Nodco bids in

    PFI Issue 139

    Three groups are believed to have bid for the Nodco refinery upgrade project: Technip/Snamprogetti, JGC/Mitsubishi/Nissho Iwai and Lurgi/Lucky Gold Star.

  • Norandino seeks financing

    PFI Issue 139

    Norandino is in the process of soliciting financing for its cross-border natural gas pipeline from Argentina to Chile's northern mining district. Some 22 banks were invited to the bank meeting and bids were submitted by 15 banks. Those rumoured to be in the running include Citibank, WestLB, Fuji, Kredietbank, Paribas and Credit Lyonnais.

  • Oil venture under way

    PFI Issue 139

    Terra Nova Development, an oil field joint venture, has announced that it is to proceed with the development of sites offshore Newfoundland. The financing details have not been decided, but non-recourse financing is being considered to pay for part of the C$4.5bn project.

  • Olefins keeps to schedule

    PFI Issue 139

    Thai Olefins Co (TOC) is in the process of mulling over expansion plans but is facing financing hurdles for its plans. Among its shareholders, only Petroleum Authority of Thailand (PTT) is willing to provide equity funds. Financing via debt will prove too expensive as lenders will require more security and much higher pricing.

  • Orogen looks for takers

    PFI Issue 139

    The information memorandum on the US$125m Orogen Minerals Ltd project was released on February 16. The deal is essentially 100% uncovered PNG risk, which banks are said to have no problem with.

  • PanAmSat wants a partner

    PFI Issue 139

    The United States satellite operator PanAmSat has made contact through different channels with Telefonos de Mexico (Telmex) and Televisa, in the search for a strategic Mexican partner for the development of private telephone networks via satellite. PanAmSat is the main provider of direct-to-home TV signals, and 7.5% of its stock belongs to Televisa.

  • Partner sought for petrochem

    PFI Issue 139

    Indonesian firm PT Makasar Petrosel is seeking foreign partners to jointly develop a petrochemical project to be located in Barru, South Sulawesi. The US$2.5bn olefins and aromatics complex is expected to come on stream in 2003.

  • PCS to kick off

    PFI Issue 139

    This March Chile will become the only country in Latin America operating a Personal Communication Service (PCS) wireless network and Entel will be the first company to offer the service to all of Chile. Chilesat will soon follow, but will cover only Santiago and Region V. The strongest argument in favour of the new PCS wireless service is its price, which is expected to amount to 20% less than traditional cellular service, as has been the case with certain calling plans in the US.

  • Pemex seeks partners

    PFI Issue 139

    The growing availability of Maya crude oil on the Mexican market is making it necessary for Petroleos Mexicanos (Pemex) to look for strategic partners in order to increase processing. Pemex recently announced that it is likely to form such an alliance with Mobil and its Beaumont refinery, which has a capacity of 320,000 bpd.

  • Penalty poser for NG

    PFI Issue 139

    The UK-based power transmission company National Grid will have to pay a stiff penalty for any drop in system availability for its Rs650 crore (US$178m) power evacuation project in Mangalore.

  • People & Markets019865

    PFI Issue 139

    PF assets seek secondary market buyers The sales of project finance assets into the secondary loan market have encouraged a number of European and US banks to pay visits to Korean and Japanese banks that are actively selling down their long-term assets. By Boey Kit Yin.

  • People & Markets019866

    PFI Issue 139

    Macquarie makes it official Macquarie Bank is going big guns by officially setting up its project and structured finance teams in Hong Kong and adding a couple more people to their Singapore office while other banks and financial institutions are slowing down on the hiring front.

  • People & Markets019867

    PFI Issue 139

    Promotions galore in Bechtel The position of president of Bechtel Asia Pacific has been filled by Ted Kyzer, who was previously the Asia Pacific regional manager of Bechtel's petroleum and chemicals business, and a regional executive for South- East Asia. He replaces Jude Laspa, who had served as president for the past two years and has now been named as president of Bechtel North America.

  • People & Markets019868

    PFI Issue 139

    C&P moves Carl Thomas has joined the Los Angeles office of Chadbourne & Parke as a counsel. He has experience in domestic and international power project financings and has joined C&P from Mayer Brown & Platt.

  • People & Markets019869

    PFI Issue 139

    LatAm fund launched Two former Inter-American Development Bank officials have moved into the private sector to help launch a new US$1bn infrastructure fund for projects in Latin America. Victor Traverso and Blair Thomas both left the IDB recently to join Trust Company of the West (TCW) in its bid to establish the TCW Latin America Mezzanine and Infrastructure Fund (LAMIF).

  • Petrobras picks Amoco

    PFI Issue 139

    Petrobras has selected Amoco as one of its possible partners to develop oil and gas exploration and exploitation projects in the Campos and Santos basins. Concrete steps towards a joint venture are pending following the green light from the oil agency ANP, granting Petrobras concessions in those areas.

  • Petronas builds lubricant plant

    PFI Issue 139

    Petronas, Conoco Asia and Norway's Dan Norske Stats Oljeseskap AS (Statoil) have signed a letter of intent to carry out a feasibility study for the construction of a lubricant base oil production plant in Malacca. The proposed plant will have a capacity of 7,500 bpd of hydroprocessed light-neutral and heavy-neutral grades base oil.

  • Phone concession won

    PFI Issue 139

    The Ministry of Transport and Communications has granted a 30-year concession to the company Ladimex (Larga Distancia Internacional Mexicana) to operate long distance international telephone service. The company will invest Ps840m over a five-year period.

  • Phu My gets more time

    PFI Issue 139

    Sponsors bidding for the Phu My 2.2 power project have four more weeks to submit their bid documents. The Ministry of Industry has extended the February 16 deadline by another four weeks. The original deadline was January 29 1998. There were initially 12 consortia bidding, and it is believed that some groups have already withdrawn from the tender.

  • Pipeline in waiting line

    PFI Issue 139

    The deadline for the sale of the Dampier-Bunbury pipeline has been pushed back to February 28 (PFI issue 138). The delay cited this time relates to one of the key contracts, which was revoked by the Australian Consumer Competition Council (ACCC) on competition grounds.

  • Power barge call

    PFI Issue 139

    The Gujarat Power Corp Ltd (GPCL) has called for a tender comprising pre-qualification offers for seven barge- mounted liquid fuel-fired power plants in various coastal locations, including Pipavav, Mul Dwarka, Sikka I, Sikka II, Simar, Mandvi and Dahej. The first four locations are expected to have a capacity of 100MW each while the remaining three will be at 30MW each.

  • Power plants emerge

    PFI Issue 139

    Iberdrola and Repsol have formalised their joint venture to develop power plants in the country under the name Proyesctos Integrados Energeticos (PIE). The announcement comes as a number of schemes emerge to take advantage of the new power market regulations, which have been in place since January 1.

  • Power shortlist drawn up

    PFI Issue 139

    Serbia's junior partner in the Yugoslav Federation, Montenegro, has shortlisted four bidders for a BOT project for a hydro-electric power plant on the Moraca river.

  • Private power gets welcome

    PFI Issue 139

    The government is likely to consider revising electricity tariffs upwards in a bid to attract the interest of foreign investors into power generation. Alternatively, privately owned power plants in rural or isolated areas can negotiate for higher tariffs with the Myanmar Electric Power Enterprise (MEPE) to improve the returns.

  • Project funding continues

    PFI Issue 139

    Projects continue to receive funding even as the currency crisis in Malaysia has effectively put a stop to the deal flow in the market. Arranging banks are holding assets on their books because of high syndication risks. The selldown for Titan Holdings' US$840m facility is still on hold. Arrangers Bank of Nova Scotia, Chase, Maybank and RHB Bank are still continuing to finance the project, and funds have already been committed. Construction of the petrochemical project in Pasir Gudang commenced in the

  • Qapco refinances

    PFI Issue 139

    The hybrid loan backing the Qapco petrochemical expansion project has been taken out by a more corporate-style facility underwritten by GIB and Paribas.

  • Rail bidding begins

    PFI Issue 139

    The government has launched the bidding process for the Southeast railways network. The government, however, will maintain an interest in the railway in order to guarantee sovereignty, the preservation of the environment, and the integration of the values, culture and tradition of the indigenous communities, according to government officials.

  • Rail merger announced

    PFI Issue 139

    Bank of Montreal and Goldman Sachs are arranging a US$1.8bn credit facility for Canadian National Railway's purchase of Illinois Central Corp.

  • Return of the Ford

    PFI Issue 139

    Ford has announced its return to the Philippines with a Ps6.18bn investment plan to assemble automobiles. About Ps4.2bn will be invested to assemble cars for the domestic markets, with the balance to be used to make car parts and components.

  • Right turn for 407

    PFI Issue 139

    The province of Ontario has put its highway 407 on the auction block. The party agreeing to buy the highway must also pledge to build the east and west links the province had promised to create.

  • Riverlink faces flak

    PFI Issue 139

    The Electricity Trust of South Australia (ETSA) has been accused of a conflict of interest after it was alleged to have co-authored a report that recommended building the proposed Riverlink powerline between South Australia and New South Wales (PFI issue 137). Optima Energy, which operates the state's power stations, made the accusation.

  • Roads to the fore

    PFI Issue 139

    The Greek government has announced plans for a series of privately financed motorway and high-speed links under the title Horizon 2010. A tender has been issued for an international adviser for the programme reporting to the Ministry of National Economy.

  • Rural projects receives help

    PFI Issue 139

    The Rural Electrification Board will receive US$9m from the government of Norway for the electrification of 636 villages in the Bhola district under its Phase V electrification programme. Officials said the Norwegian government would provide 37.42% of the project cost. Once instituted, the programme is expected to bring about 1.2m villagers under the electricity network.

  • SA joins the bandwagon

    PFI Issue 139

    Plans have been announced by the South Australian state government to privatise its generation and distribution companies, following in the footsteps of Victoria's successful A$23bn sell-off of its electricity assets. The government is looking to appoint a financial adviser shortly. The banks expected to be vying for the mandate include ABN AMRO, CSFB, DMG, Bankers Trust and Macquarie Corporate Finance.

  • Sabic dividend held

    PFI Issue 139

    Sabic has announced a dividend of US$666m, the same as 1996 but at a time of falling petrochemical prices. The company is 70% owned by the Saudi state. Saudi revenues have been hit by the falling oil price.

  • Sabic keeps the bankers busy

    PFI Issue 139

    Saudi Basic Industries Corporation (Sabic) has been an important port of call for bankers in the structured world in the 1990s, since it allowed English law to be used on its Sadaf deal. There is no let-up in sight but there are questions about the terms and conditions it can now achieve following the ultra-cheap Yanpet deal. By Rod Morrison.

  • Saudi Arabia announces privatisation of telecoms sector

    PFI Issue 139

    On December 15 1997, the kingdom announced the privatisation of all telecommunications services provided by the PTT. The announcement may create significant opportunities for telephone system companies, investors and lenders, but many questions remain. By Steven R Miles, partner in charge for the Middle East at Arent Fox in Washington, DC, and Jeddah, Saudi Arabia.

  • Shandong power takes shape

    PFI Issue 139

    Progress has been reported for the offshore debt tranches that will fund the Shandong power project sponsored by China Light & Power (CLP) and Electricite de France (EdF). Representatives from the lead arranger group and UK export credit agency ECGD have been huddled with lawyers in London for the past couple of weeks to thrash out extensive documentation work.

  • Sky signs MoU

    PFI Issue 139

    Sky Solutions, the joint venture between Lockheed and Bovis, has signed a letter of commitment with the Civil Aviation Authority (CAA) to proceed with the development of the New Scottish Centre air traffic control scheme under the private-public partnership programme.

  • Small plants funded

    PFI Issue 139

    Energy Capital Partners, which specialises in non- recourse financing for projects costing less than US$10m, has recently closed three separate loans to fund three plants. The loans are for developers to produce energy products with fuel-efficient equipment. The new equipment will reduce power costs and the developers will repay the loans from the money they save.

  • South Africans empower PPPs

    PFI Issue 139

    The Department of Public Works is expected to send the financial and contractual documents to the five shortlisted bidders for the four prison projects by the end of February. Further work is continuing on developing the private finance concept across all departments. By Julie Carr.

  • Stadia considered

    PFI Issue 139

    Four new sports stadia projects have been considered for development using a combination of municipal and private financing.

  • Steel loan postponed

    PFI Issue 139

    The EBRD has postponed the signing of a short-term US$10Om asset-backed loan for the Magnitogorsk Iron and Steel Works. The deal was scheduled to close on 24 February 24, but this will not now happen until March.

  • Tarragona wind signs

    PFI Issue 139

    Banco Central Hispana is expected to sign the loan documents for the Pta4bn wind farm project in Tarragona. The bank won the arranging mandate for the deal last year, and underwrote it along with Caja Madrid.

  • Telcel to invest

    PFI Issue 139

    The telecommunications company Telcel will invest US$230m in 1998 to improve its digital communications services. The company's director of operations said that with the investment Telcel will maintain its position as a leader in the sector in Mexico.

  • Telebras sales concerns

    PFI Issue 139

    Telecoms companies that are prospective bidders for the assets of Telebras, which is being privatised, are concerned with the goals assigned by the fixed telephone services development plan outlined by the telecoms agency Anatel.

  • Telecom loan syndicated

    PFI Issue 139

    A syndicate of nine commercial banks has signed two loan agreements worth about DM130m to help mobile operator Mobitel finance the build-out of its GSM network.

  • Tennessee solicits bids

    PFI Issue 139

    Tennessee Gas Pipeline Co, a unit of El Paso Energy Corp, has said it is conducting parallel, binding open seasons for the Eastern Express Project 2000, a pipeline scheduled to deliver natural gas to the East Coast.

  • Teverola syndicated

    PFI Issue 139

    UBS and San Paolo have syndicated the 12-year, L218bn project loan backing Centro Energia's 143MW CHP plant at Teverola. The loan was oversubscribed. Margin is 125bp rising to 150bp and fees are 20bp-30bp (Details PFI issue 136, p36).

  • The Middle East IPP market

    PFI Issue 139

    Foreign firms that wander off into the wilds of the Middle East on their own, thinking their experience from other regions is enough to guide them, do so at their own risk. To improve the chances of success with a private power project, a neutral party must have been there first to clear the way.

  • The Qafac project

    PFI Issue 139

    Financing for the construction of a world-scale methyl tertiary butyl ether (MTBE) and methanol plant at Messaieed, Qatar, was secured in December 1997 - the Qatari projects market is as dynamic as ever. By Jeffery Barratt, Andrew Newbery and Clare Brewer of the Norton Rose Projects Group.

  • Third licence awarded

    PFI Issue 139

    The government has awarded the country's third cellular telephone licence to Telecel, a consortium of black businessmen.

  • Three for Tangier

    PFI Issue 139

    Three bidders are left in the competition to build the new privately financed port at Tangier. The selection of a preferred bidder will be made by the end of March.

  • Time invites investors

    PFI Issue 139

    Time Engineering Bhd has invited local and foreign telecoms companies to acquire a stake in its subsidiary, Time Telecommunications (PFI issue 135, p18). Time Engineering is a subsidiary of Renong Bhd.

  • Tira Madrid launched

    PFI Issue 139

    Banco Central Hispano has launched syndication for the refinancing of the Pta14bn Tira Madrid waste to energy plant in Madrid. The bank sent the information memorandum to 16 banks, many of which were international. Responses are due in by the middle of March.

  • Toronto Raptors sold

    PFI Issue 139

    Maple Leaf Gardens Ltd has acquired the National Basketball Association Toronto Raptors as well as the partially completed Air Canada Centre, ending a year's speculation about the future home of the Toronto Raptors basketball team and the Maple Leaf hockey team. The purchase price was not disclosed but is believed to be about C$350m.

  • TOT picks favourites

    PFI Issue 139

    Singapore Telecom (SingTel) and Chunghwa Telecom of Taiwan have been identified by the Telephone Organisation of Thailand as forerunners in its search for potential strategic partners in a privatisation drive.

  • TPPI suspends works

    PFI Issue 139

    PT Trans-Pacific Petrochemical Indotama's (TPPI) US$2.5bn petrochemical plant has been suspended as the project company was unable to secure permanent and bridge financing (PFI issue 138, p16). The financial crisis had delayed the permanent financing and the sponsors could not secure a US$400m bridging loan.

  • Tractebel blow-up

    PFI Issue 139

    Tractebel hopes the establishment of an independent committee to monitor the country's gas business will resolve its increasingly bitter dispute with Prime Minister Nurlan Balgimbayev over its exclusive national concession to transport and store gas.

  • Tractebel bond issued

    PFI Issue 139

    Goldman Sachs has arranged a Rule 144a project bond worth US$220m for the acquisition of two electric plants by Tractebel SA and Florida Power & Light. The non-recourse structure allows the developers to recapitalise the ownership vehicle and retire part of the debt that is carried by the projects.

  • Trunking tender delayed

    PFI Issue 139

    Venezuelan telecoms agency Conatel will postpone the tender for new trunking licences until the current operators fully develop their systems.

  • Update019929

    PFI Issue 139

    Jardine Fleming is reported to be advising Full Power, which is now in the process of putting its financing together via lead arranger China Development Corp. Jardine is said to have picked up where Barclays left off after the latter completed its advisory work (see last issue, p20).

  • Updates019877

    PFI Issue 139

    The roadshows for the privatisation of the gas assets in Victoria (GasCor) are currently being held in North America and are expected to conclude by the end of February (PFI issue 138). The meetings in Asia and Europe have been completed. The state government is then expected to announce the privatisation timetable to the prospective buyers and release further details on the sale process.

  • Updates019878

    PFI Issue 139

    The underwriting packages for the second tranche of the airport privatisation programme are expected to be ready by next month. Syndications are scheduled for launch in the second quarter of the year (PFI issue 138).

  • Updates019879

    PFI Issue 139

    InterGen and Normandy Mining have appointed Bankers Trust and Schroders as financial advisers to their power project at Millmerrin, Queensland. The project is a 400MW mine-mouth baseload power plant.

  • Updates019880

    PFI Issue 139

    Comalco is apparently trying to negotiate a gas supply deal with Chevron, which is promoting the PNG- Queensland pipeline. The gas will be used for Comalco's aluminium refinery in Queensland (PFI issue 132).

  • Updates019881

    PFI Issue 139

    The Western Australian ministry of environment declared that the KingStream/Anfeng steel mill project in Oakajee, Western Australia, can proceed without any further environmental assessments of the site (PFI issue 138).

  • Updates019882

    PFI Issue 139

    Bids for the high-speed rail project from Sydney to Canberra are to be submitted to the government by the end of the month (PFI issue 137).

  • Updates019883

    PFI Issue 139

    Western Mining Corporation has picked Bechtel to perform a A$1.2bn expansion of the Olympic Dam copper and uranium mine operations in South Australia. The mining and processing project involves enlargement of the underground mine, new smelting and refining facilities, and associated infrastructure. The mine is the state's largest long-term development project, the expansion of which will more than double ore production to 25,000 tonnes a day.

  • Updates019884

    PFI Issue 139

    Bankers Trust has been mandated as financial adviser to a proposed collocation hospital project in Westmead, New South Wales. The training hospital will be built on a design, construct and operate contract and is expected to cost between A$40m and A$50m. The collocation project is essentially a private hospital to be located next to a public hospital and will share related infrastructure.

  • Updates019885

    PFI Issue 139

    The Sisters of Charity is expected to submit its tender for the Prince Charles hospital project in Brisbane by the end of April. The religious organisation is the only tenderer for the project, which is said to cost more than A$50m. Bankers Trust is the financial adviser.

  • Updates019901

    PFI Issue 139

    The fuel supply agreement for the Neyveli power project in Tamil Nadu is expected to be signed by February 26. The sponsors of the 250MW coal-fired project, CMS Energy and Sharad Tak, also expect the central government counter-guarantee to be provided shortly (PFI issue 131).

  • Updates019902

    PFI Issue 139

    AES Transpower is believed to be in the market for an EPC contractor for its 500MW coal-fired power project at Ib Valley in Orissa (PFI issue 130). The contract is said to be on a turnkey basis and bidders are expected to arrange for export credit financing.

  • Updates019903

    PFI Issue 139

    Bharat Heavy Electricals Ltd and Siemens have been chosen by National Thermal Power Corp as the joint EPC contractor for the latter's 420MW Faridabad gas-fired power project. The Overseas Economic Co-operation Fund (OPEC) has agreed to fund about US$247m of the total project cost of US$290.75m. The Gas Authority of India Ltd will be providing the gas feedstock to the power plant.

  • Updates019904

    PFI Issue 139

    A detailed guideline for independent power producers on how to import naphtha for their respective power projects has been released. The guidelines are expected to put an end to the confusion over naphtha import rules and facilitate the setting up of these power projects. The export-import policy has been amended and licences will now be issued permitting the direct import of naphtha by IPPs.

  • Updates019905

    PFI Issue 139

    Enron is planning to build an LNG pipeline connecting Bangladesh and Tamil Nadu, along the east coast. The US company is negotiating with exploration companies to this effect.

  • US Gen issues tax exempt

    PFI Issue 139

    US Generating has issued US$153m of senior tax-exempt bonds and US$25m of senior taxable convertible bonds, for affiliate Northampton Generating to finance a portion of construction costs associated with the Northampton generating plant.

  • UTN wins telecoms deal

    PFI Issue 139

    The secretary of communications and transport has granted a 30-year concession to Union Telefonica Nacional (UTN) to provide local, national and international long distance telephone services in 113 areas of the country. The winner expects to invest Ps5.97bn over the next five years, to install, operate and exploit a national telephone network.

  • Virginia's power restructuring

    PFI Issue 139

    The Virginia Senate received an electric utility restructuring bill that had previously been passed by the state's House of Delegates. The bill calls for the opening of the state's wholesale electricity market to open competition.

  • Voisey's nickel debated

    PFI Issue 139

    Inco's Voisey's Bay nickel project remains stalled as the mining company debates with the Newfoundland provincial government about the location of the smelting facilities.

  • Waiting game for MTNL

    PFI Issue 139

    The Telecom Regulatory Authority of India (TRAI) has declined Mahanagar Telephone Nigam Ltd (MTNL) a cellular telecom licence. The TRAI is expected to announce in early March its decision on the need and timing of a third cellular operator in the capital (PFI issue 136).