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ENRON VENTURES CORP. ANNOUNCES ACQUISITION OF CERTAIN NATIONAL ENERGY PRODUCTION CORP. ASSETS
FOR IMMEDIATE RELEASE: Friday, August 1, 1997
HOUSTON - Enron Ventures Corp. (EVC), a wholly-owned subsidiary of Enron Corp., announced today that it has acquired certain assets of National Energy Production Corp. (NEPCO) from Zurn Industries of Erie, Pennsylvania.
NEPCO, which is based in Redmond, Washington, has played a significant role in the growth of the U.S. electrical market over the past decade, constructing 45 power and cogeneration plants totaling over 2,500 megawatts of capacity. Many of these plants are fueled by alternate waste such as tires, wood chips and municipal solid waste. NEPCO has been contracted to construct several power projects, including: the 160-megawatt Kabirwala power project in Pakistan; two 120-megawatt cogeneration projects at the Rojana and Saha Pathana industrial parks in Thailand; and, a 335-megawatt cogeneration plant at a refinery site in Sweeny, Texas.
"This acquisition is consistent with our strategy of growing our third-party engineering and construction services business by adding new skills and resources to our existing capabilities," said Thomas E. White, chairman and chief executive officer, EVC. "NEPCO's expertise complements Enron's worldwide engineering and construction focus and will help us compete for customers who have very specific energy needs."
As part of the agreement, EVC also is purchasing Operational Energy Corporation (OEC), a NEPCO subsidiary that provides power plant start-up, commissioning, operations and maintenance services. The purchase includes five operations and maintenance contracts already held by OEC. Both NEPCO and OEC will report into EVC's Engineering & Construction Company.
Enron Corp., one of the world's largest integrated natural gas and electricity companies with approximately $19 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; is a leading participant in liberalized energy markets in the United Kingdom and the Nordic Countries; 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 a majority interest in Enron Oil & Gas Company, one of the largest independent (non-integrated) exploration and production companies in the United States; owns a majority interest in Enron Global Power & Pipelines L.L.C., which is owner and manager of operating power plants and natural gas pipelines around the world; is one of the largest independent developers and producers of electricity in the world; and is a major supplier of solar and wind renewable energy worldwide. Enron's internet address is www.enron.com and its common stock is traded under the ticker symbol, "ENE."
For additional information please contact:
Carol Hensley
(713) 853-6498
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