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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Search Search: French power firm pulls out of Philippine deal: official AFP - 41 minutes ago MANILA, Jan 26, 2009 (AFP) - French power firm Suez Energy has pulled out of a 787 million dollar deal to take over a Philippine power station, citing a deterioration of the plant, the government said Monday. Emerald Energy Corp. (EEC), the vehicle used by Suez Energy to bid for the 600-megawatt coal-fired power plant at Calaca north of Manila, submitted the highest bid in a government auction for the plant in October 2007. The Power Sector Assets and Liabilities Management Corp. (PSALM), which has been assigned to sell off government power assets, said the company pulled out citing a "deterioration in the condition of the Calaca plant." "One of the conditions for the turnover of the power plant is that it should be delivered to the winning bidder in the same condition as it was during the bidding date," PSALM said in a statement Monday " "With EEC's observation, it gave notice of termination of the Asset Purchase Agreement for the sale of the plant. "Despite the turn of events, PSALM remains committed to privatising one hundred percent of the government's generation assets," the statement said. The statement added that PSALM will prepare the Calaca plant for re-bidding. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Asia Pacific India honours Mumbai attack heroes on Republic DayReuters - 40 minutes ago French power firm pulls out of Philippine deal: officialAFP - 45 minutes ago Rebels flee to jungle as Sri Lankan troops advanceAFP - 53 minutes ago Tight security in Kashmir ahead of Indian holidayAP - 54 minutes ago Bicycle bomb kills five in NW PakistanReuters - 1 hour 1 minute ago Most Popular – Asia Pacific Viewed Child matador kills six bulls in Mexico Hudson 'miracle' pilot gets hero's homecoming 'Dogs don't wear condoms,' says Baywatch star Anderson Ring of fire: Indian Ocean to see solar eclipse Global warming could unleash ocean 'dead zones': study View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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