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November 1, 2001
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Money > Reuters > Report November 1, 2001 |
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Enron close to exiting Indian LNG shipping dealUS energy major Enron Corp is close to exiting a joint shipping venture linked to its troubled Dabhol power plant in India, shipping sources said. "Enron has pulled out of the Lakshmi (the ship) and has dumped it on its partners in the deal, Mitsui OSK Lines and the Shipping Corporation of India," said one shipping executive. "Essentially it's linked to the collapse of the Dabhol deal," he added. Enron has a 65 per cent stake, valued at $1 billion, in the Dabhol power plant, which has been stalled by a long-running payment dispute with its only customer, the Maharashtra State Electricity Board. "We have been in discussions about Greenfield Shipping (the ship owning company), but at the moment it is not appropriate to comment on future plans," said a spokesman for Enron in Houston. The shipping source said the ship had been contracted at the above-market price of $223 million from MHI yard in Japan, and would need the high charter rate of $92,000 per day to cover its costs. This would be difficult to achieve. Enron said the ship had been financed through 70 per cent debt and 30 per cent equity, in which it had a 20 per cent stake. ALSO READ:
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