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Wednesday, January 19, 2005
Subic Enerzone turns over P40M to Subic authority
Subic Enerzone Corp. (SEZC) has handed a check for P40 million to the Subic Bay Metropolitan Authority (SBMA) as part of its privatization contract for power distribution in the free port.
Subic Enerzone director Luis Miguel Aboitiz, chief operating officer Benjamin Cariaso Jr. and general manager Dante Pollescas gave the payment to SBMA Administrator Alfredo Antonio.
It was the second P40 million payment from SEZC. Under the privatization agreement signed last year, SEZC will pay SBMA P40 million annually for 25 years for the lease of power facilities and other properties.
The privatization agreement was instituted during the term of former SBMA Chairman Felicito C. Payumo. The privatization of Subic’s power utilities now serves as a model in other areas of the country.
Antonio expressed satisfaction over Enerzone’s power rehabilitation project, which involves modernizing the more than 40-year-old power supply system installed and used when the US Navy was still in Subic. The company has rehabilitated the Remy Field substation that supplies power around the Central Business District of the zone.
SEZC is also completing the installation of an overhead transmission line covering 4.5 kilometers from the CBD to Cubi Point going to the Subic Bay International Airport.
(January 19, 2005 issue)
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