NewsWhore
06-19-2007, 07:20 PM
The Sichuan Machinery & Equipment Company has been contracted by the government to build a 600 MW energy producing coal plant in Montecristi and today the Senate will be presented with the application for a US$30 million guarantee, which can be automatically renewed 27 times, so that Sichuan can get the financing necessary to construct the plant. However, the guarantee is being challenged by the HN Energy Company who said they would sue the state if Sichuan were granted the guarantee. HN Energy says that the guarantee was not part of the initial contract presented during the bidding process. PRD representatives have also voiced opposition to the guarantee saying that it will further indebt the country and force it into yet another onerous contract, even worse than the Cogentrix and Smith & Enron cases, as reported in Diario Libre. The newspaper reports that Sichuan's proposal was rejected in 30 January 2006 because they did not comply with the terms of reference, but nevertheless, the company was subsequently awarded the contract.
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