DR1: Something Fishy in Tender Winner

The winner of a tender held by the Dominican State-Owned Electric Companies Corporation (CDEEE) to build two 600-MW coal generated power plants, "Emirates Power DR, S.A.", is really a company originally called "Tenedora Rouen, S.A." which hastily changed its name on 3 August 2005 in order to take part in this operation, and has nothing to do with energy. Tenedora Rouen, S.A. was set up on 18 July 2005 but its owners sold the rights to Emirates Power in August that year, as reported by Diario Libre. Two months later it was participating in the CDEEE tender, which it won on 30 January 2006. The contract, which was to be signed today, was reportedly delayed because the CDEEE has not received the US$40 million bond required of the winner. A Diario Libre source said that an investor from Dubai requested the delay from CDEEE.

According to Listin Diario, the owner of Emirates Power DR, Sheik Sultan Bin Khalifa Bin Zayed Al Nahyan was willing to come to the DR in eight days. This is stated in a letter sent 8 February to CDEEE administrator Radhames Segura, which informs that the company's general manager Mubarak bin Fahad, would also be coming.