Influential proxy firm Institutional Shareholder Services (ISS) on Monday recommended Unocal Corp. shareholders vote for a merger with Chevron Corp., citing the “highly uncertain” nature of the offer by China Offshore Oil Co. Ltd. (CNOOC). Unocal shareholders will vote on Chevron’s $17 billion cash-and-stock offer Aug. 10.
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General Electric, Canadian Fund to Buy Southern Star Pipeline
General Electric on Monday announced that it and Canada’s largest institutional investor, Caisse de depot et placement du Quebec, have agreed to buy the Southern Star Central natural gas pipeline system from AIG Highstar Capital for an estimated $362 million, plus the assumption of $476 million in debt and preferred stock.
Mexico’s PRI Appears More Open to Private-Sector Energy Investment
A move that could smooth the way for private investment in Mexico’s energy sector won approval last weekend by the country’s hardliners, the Institutional Revolutionary Party (PRI), which has long opposed any attempts at privatization.
Mexico’s PRI Appears More Open to Private-Sector Energy Investment
A move that could smooth the way for private investment in Mexico’s energy sector won approval last weekend by the country’s hardliners, the Institutional Revolutionary Party (PRI), which has long opposed any attempts at privatization.
Industry Briefs
NewEnergy is seeking natural gas supply for its commercial,institutional and municipal customers in Massachusetts, RhodeIsland and Connecticut. The company issued a request for proposals(RFP) for an undetermined amount of supply this week. Stephen J.Remen, a managing director in NewEnergy’s New England office, saidthe amount will be determined after a supplier is found and a salesproposal can be sent out to NewEnergy’s customers, which numbermore than 20,000 in the three states. “This new gas RFP willposition us to offer both electricity and natural gas service toincreasing numbers of customers as we anticipate the marketbecoming more competitive in the months ahead,” said Remen. “As themarket continues to evolve we want to solicit bids on gas supply tomaximize the dollar savings that we can offer our customers.” TheRFP requires citygate delivery and behind-the-citygatetransportation management. Responses to the RFP are due May 29 at10 a.m. Contact NewEnergy at 617-772-7500 or 888-772-WATT toreceive a copy of the RFP document.
NE Electric Aggregate Issues RFP
NEChoice LLC announced yesterday that it is seeking electricitysuppliers for its commercial, institutional and municipal customersthrough its National Energy Choice program. National Energy Choice,which currently represents one of the largest aggregated pools inthe Northeast, is seeking bids for 100 MW of electricity. Abidder’s conference will be held on Jan. 6 and responses are due onFriday, Jan. 14.
Analyst: Gas Depletion Has Arrived
The industry rumblings of a declining gas supply are not far offbase, said a report by David Pursell, an analyst for theinstitutional securities group Simmons & Co. Intl. Judging fromweekly American Gas Association (AGA) storage data and Departmentof Energy (DOE) LNG production figures, the report forecast the gasdecline rate could surpass 4% in the coming months when compared tolast year, unless a sharp increase in gas-directed drilling takesplace. Using these findings, Pursell said gas prices should stayabove $2/Mcf for the near future.