Meralco on Nigeria deal: work in progress
MANILA, Philippines - The country's biggest power retailer, Manila Electric Co. (Meralco), is still studying how to proceed with its venture in Nigeria.
In a press briefing on Tuesday, May 28, Meralco president and CEO Oscar Reyes called the ongoing talks with the consortium that won the right to distribute power in Nigeria a "work in progress."
Meralco is a technical partner and has a 5% stake in the Nigerian firm Integrated Energy Distribution and Marketing Ltd (IEDM) that the Philippine firm is mulling to increase to up to 20%.
"We're in discussions for operating, pre-operating, investment agreement. We're still trying to
define our role in Nigeria. They want us to play heavier role," Reyes said.
What is keeping Meralco from going full blast is capacity. "Given the requirements, we have to ensure we had the bandwidth in terms of technical and managerial people overseas."
"Nigeria is a work in progress," he added.
The Nigerian consortium is expected to take over the areas that they’ve won by the 3rd quarter.
Meralco is increasing its footprint overseas. It has recently acquired a 70% stake in a liquefied natural gas (LNG)-fired power plant in Singapore. - Rappler.com