 |
March 11, 2008 |
|
|
|
 |
SHERRITT IN'L: Will Expand Boca de Jaruco Plant in Cuba Sherritt International Corp. Chief Executive Officer Jowdat Wahee said in a webcast that the company will start a 150- megawatt combined cycle expansion at the Boca de Jaruco thermo plant in Cuba. Mr. Waheed told Business News Americas that the plant will be operating with 526 megawatts of capacity in 2010. According to BNamericas, the Boca de Jaruco expansion works will cost an estimated CDN247 million, of which CDN59 million will be invested this year. BNamericas notes that Sherritt International wants the project to qualify for certified emission credits through the UN Framework Convention on Climate Change's Clean Development Mechanism. The UNFCCC is an international environmental treaty produced at the United Nations Conference on Environment and Development. The treaty is aimed at reducing emissions of greenhouse gases in order to combat global warming. Sherritt International expects its power output to be 2.4 terra watt-hours this year, BNamericas states. Headquartered in Toronto, Ontario, Canada -- Sherritt International Corporation -- http://www.sherritt.com -- is a diversified natural resource company. The company directly and through its subsidiaries has interests in thermal coal production, a vertically integrated nickel/cobalt metals business, oil and gas exploration, development and production, and electricity generation. It also has interests in soybean- based food processing, tourism and agriculture. The company's coal business comprises the sale of thermal coal, primarily to domestic utilities as fuel to generate electricity. Sherritt International's Metals segment is comprised of its 50% indirect interest in the Metals Enterprise and its marketing and trading activities in commodity metals, as well as the company's fertilizer and utilities assets. Sherritt International explores for, develops and produces oil and gas, primarily from oil fields situated in Cuba. The company, through a wholly owned subsidiary Powerco, holds a one-third interest in Energas. Sherritt International, in a joint venture with the Cuban government, has been drilling for oil in Cuba for over 10 years, gradually increasing production to the point that domestic output provides almost 50% of Cuba's petroleum needs. Sherritt International doesn't have offshore wells. Its onshore equipment drills horizontally into petroleum reservoirs located under the water. * * * On Dec. 13, 2007, Dominion Bond Rating Service Limited confirmed the rating of Sherritt International Corp. at BB (high). Dominion Bond says the rating remains stable. |
|
|
||
|
Today's Top Stories have been selected from the Troubled Company Reporter - Latin America. To receive the Full TCR-LA please CLICK HERE.
