Panama monitoring sale of Union Fenosa to Gas Natural
Edemet Edechi, the main electricity company in Panama, is 51% owned by Union Fenosa.
Wednesday, January 14, 2009
The National Public Services Authority of Panama reported that it is closely following the $25 million sale of the Spanish company, Union Fenosa, to another Spanish company, Gas Natural.
Promotion efforts are being made in Colombia, Chile, the United States and Spain for 51% of the shares of the distributors Edemet, Edechi and Elektra Noreste.
The crisis of the distributor Gas Natural could lead to Albanisa’s entry into the business, controlled by pro-government interests.
The current concessions will expire in 2013 and the contracts include an obligation to provide "a competitive process of free competition ... the sale of majority shares of the company holding the concession."
Gas Natural Fenosa entered into a letter of intent with Ram Power Corp to Purchase 157MW from future geothermal power plant “Casita”.
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