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ENRON, SINGAPORE POWER PARTNER TO DEVELOP SMALL POWER PROJECTS IN CHINA
FOR IMMEDIATE RELEASE: Friday, June 20, 1997
HOUSTON - Enron International and Singapore Power International Pte Ltd today announced they have formed a joint venture company to develop and acquire small-scale power projects in China. The new company, EnSing Power Pte Ltd, will focus on cogeneration projects of 50 megawatts or less throughout China.
"We believe the small project market in China has good potential, given a growing desire by communities throughout the country to increase their industrialization with environmentally-friendly energy sources," said Rebecca P. Mark, Enron International chairman and chief executive officer. "By strengthening the local infrastructure, these new energy facilities should help communities attract more investment in the future."
"EnSing combines the regional know-how and proven track record of Singapore Power as a leading utility company in Asia with the strengths and capabilities of Enron Corp., one of the world's largest independent developers and producers of electricity," said BG Boey Tak Hap, Singapore Power president. "The synergy of the partnership places EnSing in a favorable position to invest in small-scale projects in China's power industry as well as being in a strong financial position to acquire existing power plants."
Enron Corp., 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; 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 is traded under the ticker symbol, "ENE."
Singapore Power is the leading utility and energy group in Singapore, providing electricity and piped gas to the nation's domestic, commercial and industrial consumers. It has wide experience in power generation, transmission and distribution operations with assets exceeding S$11 billion and an annual turnover of about S$3 billion. Known internationally for its reputation in providing an efficient and reliable power supply services, Singapore Power has invested extensively in building a world class power supply infrastructure. Singapore Power International (SPI), a wholly owned subsidiary of Singapore Power, was formed to spearhead the group's overseas investments in energy related projects. SPI has set its sight to become a global energy player through an active pursuit of development projects in Asia and investments in the mature markets. The key market focus is in China, ASEAN, India and Australia.
For additional information please contact:
Carol Hensley
(713) 853-6498
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