Southern Electric, Amoco purchase Trinidad and Tobago utility interest
Southern Electric International Inc. and Amoco Business Development Co. have been chosen to negotiate the purchase of a 49 percent equity interest in the power generation facilities of Trinidad and Tobago. Specific terms are still under negotiation, according to Southern Electric.
The Trinidad and Tobago Electricity Commission (T&TEC) will retain a 51 percent interest in its three gas-fired generating facilities, which have a total capacity of 1,178 MW.
Southern Electric will be responsible for operating and maintaining the facilities, which provide electricity for the country`s 1.25 million people.
“Together, we will contribute to the nation`s economic development and help strengthen the business and cultural links between the cities of Port of Spain and Atlanta and between Trinidad and Tobago and the other countries where we do business,” said Tom Boren, Southern Electric president.
Southern Electric, which operates more than 30,000 MW of electric generating capacity, made three major purchases last year–55 percent of Hidroelectrica Alicura, S.A. in southwestern Argentina; 35 percent of Edelnor, an electric utility in northern Chile; and 50 percent of Freeport Power, the electric utility for the island of Grand Bahama. Amoco Trinidad Oil Co., an Amoco Production Co. subsidiary, has been producing oil and natural gas in Trinidad and Tobago since 1962.