AES Receives Notices In Pakistan.ARLINGTON, Va.--(BUSINESS WIRE)--July 13, 1998--The AES Corp. (NYSE NYSE See: New York Stock Exchange :AES) said that on July 11, 1998, two subsidiaries of AES, AES Lal Pir Limited (AES Lal Pir) and AES PakGen (Pvt) Company (AES Pak Gen), received RNotices of Intent to TerminateS certain key project agreements from the Government of Pakistan Government of Pakistan (Urdu: حکومتِ پاکستان), The Constitution of Pakistan provides for a Federal Parliamentary System of government, with a President as the Head of State and an indirectly-elected Prime . AES Lal Pir is a 351 MW (net) oil-fired thermal power plant located in the Punjab Province Punjab Province may refer to:
The notices issued to these projects were substantially identical and assert that AES's subsidiaries made inaccurate anti-corruption representations to the Government of Pakistan. AES believes that these notices are similar to notices received by other independent power producers in Pakistan. AES strongly denies the allegations made in the Notices of Intent to Terminate and intends to vigorously pursue all available legal options to enforce and preserve its contractual rights A contractual right is a claim, on other persons, that is acknowledged and perhaps reciprocated among the principals associated with that claim. Specialized contractual rights exist as part of a "contract" or agreement between persons to whom these rights belong. under the project agreements. Despite these Notices, both plants continue to operate normally and the customer, the Pakistan Water and Power Development Authority Water and Power Development Authority (WAPDA) is the main government agency responsible for developing water resources, dams and electrical power in Pakistan. WAPDA was created in 1958 as a semi autonomous body for the purpose of carrying out accelerated and unified (WAPDA WAPDA Water And Power Development Authority (Pakistan) ), continues to meet its payment obligations. AES is a leading global power company that currently owns or has an interest in eighty-eight power facilities totaling over 27,000 megawatts in the United States, Canada, Australia, Argentina, Brazil, Dominican Republic, Pakistan, the Netherlands, Hungary, Kazakhstan, China and the United Kingdom. In addition to having assets in excess of $8 billion, the company has more than $5 billion of projects in construction or late stages of development. AES is dedicated to providing electricity worldwide in a socially responsible way. For more general information visit our web site at www.aesc.com or contact investor relations Investor relations The process by which the corporation communicates with its investors. at investing@aesc.com. The list aes-pr-announce is an automated mailing list and can be found on the investing page of our web site. Those who subscribe to this list will receive updates when AES issues a press release.
CONTACT: AES CORP.
Kenneth R. Woodcock, 703/522-1315
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion