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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (10173)	12/21/1999 1:10:00 PM
From: Mohan Marette	Respond to of 12475

Cabinet approves joint venture between SCI, Mitsui and Enron 21-12-1999 22:33:26 The cabinet today approved a proposal to allow the Shipping Corporation of India (SCI) to invest $11mn as its share of equity in a joint venture with Mitsui O.S.K Lines and an affiliate of Enron Corp. "The joint venture will transport liquefied natural gas (LNG) for use in the Dabhol Power Company," said an official, who did not want to be identified. He said the joint venture would be registered in the Cayman Islands. In December last year, company officials had said Mitsui would hold 70% equity in the shipping venture, Enron`s Atlantic Commercial Holding 20% and SCI the remaining 10%. The shipping venture is to own and operate a 135,000 cubic meter capacity tanker for transport of LNG from Oman and Abu Dhabi to Dabhol, 400 km (250 miles) south of Mumbai. Enron owns 50% equity in the 740-mw Dabhol project. The Maharashtra State Electricity Board owns 30% equity, with the remaining 20% equally split between General Electric Co and the Bechtel group. Its capacity is to be increased by another 1,624mw when the second phase goes on stream in 2001. Source: Reuters