BRITISH GAS TO INVEST ADDITIONAL $500 MILLION IN RP
MANILA, OCTOBER 26, 2006 (STAR) By Aurea Calica - Malacañang said yesterday British Gas, a leading player in the global energy market, is expanding its Philippine operations with an additional investment of $500 million.
In a statement, the Palace said the company’s chief executive officer, Frank Chapman, said his firm would undertake new natural gas projects in Batangas.
The British firm already operates two power plants in Batangas City.
Chapman disclosed his company’s expansion plans during a closed-door courtesy call on President Arroyo yesterday morning at Malacañang’s Music Room.
"I am honored to see you and also glad to inform you that we intend to induce additional funds for our plants in your country," Chapman told Mrs. Arroyo.
The President said she was happy over BG’s expansion plans, adding that she looked forward to fruitful business relations between the Philippines and the British company.
"Welcome to the Philippines. It’s good you’re here. I am happy to know that you came here not only on a personal visit but on a business opportunity for my country and hope for mutual business opportunities ahead for us," she told Chapman.
Peter Garrucho, vice CEO of First Gas Philippines, said through a joint venture agreement with the British Gas, they would like to expand the 1,500-megawatt combined capacity of their two power plants in Sta. Rita and San Lorenzo, both in Batangas City, to 2,000 megawatts, or an additional 500 mw.
According to Garrucho, his company intends to develop liquefied natural gas in its Batangas plants.
Chapman, who arrived in Manila last Tuesday, will visit BG’s plants in Batangas before returning to Britain.
BG Group, which operates in various parts of the globe, employs almost 5,390 workers worldwide.
Its main focus is building and supplying natural gas to markets around the world, while its key businesses are in exploration, production, liquefied natural gas, transmission and power distribution.
Chapman was accompanied to Malacanang by Energy Secretary Raphael Lotilla, British Ambassador Peter Beckingham, Wayne Roberts, BG asset general manager for Asia Pacific, and Marcelo Figueroa, BG country manager for the Philippines.
Sony's profit plunges 94 percent in July-Sept. quarter 10/26 3:39:19 PM
TOKYO (AP) - Sony's profit nose-dived 94 percent for the second fiscal quarter from the previous year as massive recalls and product delays battered the Japanese electronics and entertainment company.
Sony Corp.'s group net profit for the quarter ended Sept. 30 totaled 1.7 billion yen, down from 28.5 billion yen in the same period a year earlier.
Chief News Editor: Sol Jose Vanzi
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