ENRON AND FIRST GAS POWER CORPORATION
ANNOUNCE FUEL SUPPLY AGREEMENT
FOR IMMEDIATE RELEASE: Friday, November 22, 1996
MANILA, PHILIPPINES -- Enron and First Gas Power Corporation (FGPC), a wholly owned subsidiary of First Gas Holdings Corporation, announced today that the two companies have reached a fuel supply agreement to support a 990 megawatt power plant to be constructed in Batangas in the Philippines. FGPC will construct the combined cycle gas turbine plant, which is expected to be completed by early 1999. Under the fuel agreement, Enron will supply 30,000 - 35,000 barrels per day of liquid fuel to the facility for a period of up to 15 years.
" We are pleased to join FGPC in this project," said Kenneth L. Lay, Enron chairman and CEO. "It reflects Enron's growing international activities, our commitment to the Philippines and the development of new business in the Far East."
First Gas Holdings Corporation is a joint venture between First Philippine Holdings Corporation (FPHC) and British Gas.
Enron, one of the world's largest integrated natural gas and electricity companies with approximately $15 billion in assets, operates one of the largest natural gas transmission systems in the world; is the largest purchaser and marketer of natural gas and the largest non-regulated marketer of electricity in North America; markets natural gas liquids worldwide; manages the largest portfolio of fixed-price natural gas risk management contracts in the world; is among the leading entities arranging new capital to the energy industry; owns 59 percent of Enron Oil & Gas Company, one of the largest independent (non-integrated) exploration and production companies in the United States; owns 59 percent of Enron Global Power & Pipelines L.L.C., which is owner and manager of operating power plants and natural gas pipelines around the world; and is one of the largest independent developers and producers of electricity in the world. Enron is traded under the ticker symbol, "ENE."
For additional information please contact:
Terrie James
(713) 853-7727
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