Nicaragua: Gas Natural Fenosa to Sell Distributors
An announcement has been made that the Nicaraguan subsidiary of Gas Natural Fenosa will probably sell its shares in the electricity distributors Dissnorte and Dissur.
Thursday, December 20, 2012
Three companies are interested in marketing power in Nicaragua, and if an agreement is reached, the energy companies Disnorte-Dissur will have new owners.
According to the Energy Minister Emilio Rappaccioli among the companies interested are AEI, one of the largest generators in Nicaragua and the English company, ACTIS, owner of Aeolus in Nicaragua.
Rappaccioli said " Gas Natural will probably be selling all of the shares held in the companies Disnorte-Dissur ", adding that the company that takes over will have to make investments that reduce energy losses, which according Gas Natural, are about $50 million a year between technical losses and theft.
According to an article published in Laprensa.com.ni, this will not change the government's involvement which is 16% of the shares. The official did not rule out that the two majority shareholders are to take charge of the marketing and distribution of energy.
Also, the president of the Superior Council of Private Enterprise, Joseph Adam Aguerri, commented that "Cosep’s position in this case has been that what is good for the country is to achieve, if possible, a positive negotiation with the Gas Natural company. (That) would produce a more stable scenario. "
The Spanish company has signed the sale agreement for $57.8 million in shares in the electricity distributors Disnorte and Dissur, to the Nicaraguan company Melfosur TSK-International.
From a statement by Gas Natural Fenosa:
Gas Natural Fenosa has sold its interests in electricity distribution companies in Nicaragua
While presidential advisor Bayardo Arce announced that the Spanish company has already sold its shares in the distributor Disnorte-Dissur, an industry spokesman has denied it.
Bayardo Arce Castano, economic adviser to the president of Nicaragua, announced yesterday that Gas Natural Fenosa had closed the sale of an 84% stake in Disnorte-Dissur-the remaining 16% belonging to the Nicaraguan state-without disclosing the buyer or the figures in the agreement.
The crisis of the distributor Gas Natural could lead to Albanisa’s entry into the business, controlled by pro-government interests.
Laprensa.com.ni reports that "the Minister of Energy and Mines, Emilio Rappaccioli, announced that they are close to reaching an agreement in the negotiations which the government and the power distribution company, Natural Gas have been holding over the last few months."
The chief executive of the Spanish company has met with President Ortega to present their complaints regarding problems of distribution and energy theft.
Government officials and company representatives have maintained total secrecy about the meetings.
Sources consulted by La Prensa "confirmed that the substance of the discussion is still in the memorandum of understanding signed by both parties in February 2009, a document that contains all the complaints and standpoints of Gas Natural-Fenosa and the Government of Nicaragua."
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