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Electric Company Edelnor May Be Sold To Aid Reconstruction Efforts
Edelnor specializes in the production, transportation, distribution and supply of electric energy; the purchase, sale and transportation of liquid, solid or gaseous fuels; providing engineering and management consulting services; and the maintenance and repair of electric systems. Integral to the generation of electricity in Chile, it is responsible for 49% of the energy production of the Sistema Interconectado del Norte Grande (Interconnected System of Norte Grande) an alternating current power grid serving the Norte Grande zone of Chile. Although Piñera has emphasized that the government will neither sell Codelco (the National Corporation of Copper)– the government body which owns the 40% share in Edelnor– nor Enap (another nationally owned energy company), he has nonetheless suffered severe criticism by the nationally owned companies because of his proposals. The federation of trade unions of professionals and supervisors of Codelco (FESUC) condemns the proposed privatization, warning that it could contribute to rising energy costs and the loss of national energy independence. European energy group GDF Suez controls a 52% stake in Edelnor, while minority shareholders hold the remainder. One of the group's subsidiaries, Electroandina, supplies power to the Codelco Norte Division through a 15-year contract. There have been concerns at Codelco that any sale of its share in Edelnor could raise power prices and increase the company's operational costs. The company denies rumors of a sale. "The decision of any asset sale is made by the company's board of directors, taking into account the interests of the company," a Codelco spokesperson told BNamericas. "The board makes these decisions, not the president of the country." The government, meanwhile, has said that Codelco will remain 100% public. Editor Notes: Edelnor International Inc. Edelnor International Inc. is a subsidiary formed as a limited liability partnership through a public deed dated March 11, 2002. Company's name Edelnor International Inc. Capital ThUS$ 705 Type of Company: Limited liability partnership Line of Business The Company is entitled to and has the authority to undertake any business not forbidden by Cayman Island laws or any amendment to existing laws or new enacted laws. Directors Mr. Manlio Alessi Mr. Henk Bataille Mr. Juan Clavería Aliste Ownership interest Edelnor S.A. 99% Subsidiary Enerpac Ltda. Enerpac is a subsidiary incorporated on August 25, 1995 and its line of business is the production, transmission and distribution of electric energy. Company's name Enerpac Ltda. Capital ThUS$ 37,201 Type of Company: Limited Liability Partnership Line of Business Production, transportation, distribution and supply of electric energy, purchase, sale and transportation of all types of fuels, either liquid, solid or gaseous. The Company also offers engineering and management consulting services; and maintenance and repair services for electric systems. General Manager Juan Clavería Aliste Taxpayer I.D. 9.433.303-2 Ownership interest Edelnor S.A. 99% Net income ThUS$ 3,665 Affiliate Gasoducto Nor Andino S.A. Gasoducto del Norte Grande Norgas Chile y Compañía Ltda. was incorporated on March 4, 1997. Subsequently, on November 12, 1997, the Company was transformed into a privately-held shareholders' company and changed its name to Gasoducto Nor Andino S.A. Company's name Gasoducto Nor Andino S.A. Taxpayer ID: 78.974.730-K Paid-in capital US$ 79,741,646.98 Type of Company: Privately-held shareholders' company Line of Business Gas pipeline building and operation. General Manager Gabriel Marcuz Taxpayer I.D. 21.273.633-3 Regular directors of Gasoducto Nor Andino S.A. Jan Flanchet Taxpayer ID 14.744.021-9 Eric Kenis Taxpayer ID 48.115.075-2 Alexandre Keisser Taxpayer ID 22.062.589-3 Manlio Alessi Taxpayer ID 14.746.419-3 Manuel Colcombet Taxpayer ID 21.516.443-8 Juan Clavería Taxpayer ID 9.433.303-2 Ricardo Campano Taxpayer ID 6.514.836-6 Direct ownership ENERPAC Ltda. 21.085% (Participation by Edelnor in Enerpac 99%, indirect participation in GNA 20.874%.) Affiliate Gasoducto Nor Andino Argentina S.A. Date of incorporation Date of registration with the Trade Registry of the original bylaws December 1, 1997. Company's name Gasoducto Nor Andino Argentina S.A. Paid-in capital Nominal capital of 6,565,300 shares with par value Ch$1 each, equivalent to US$1 each. Type of Company: Shareholders' company Line of Business Construction, design, assembly and operation of gas, oil and other pipelines in Argentina and of work and engineering and services and pipeline-related equipment. General Manager Gabriel Marcuz Directors Current Board of Directors was appointed at the meeting of March 28, 2007: Chairman Jan Flachet Vice President Conrado Bianchi Regular Directors Manuel Colcombet Dante Dell’Elce Manlio Alessi Bernardo Andrews Ricardo Campano Alternate directors Horacio Guadagni Diego Suarez Patrick Obyn Cesar Ortiz Sotelo Henri Meyers Juan Clavería Direct ownership ENERPAC Ltda. 21.085% (Participation by Edelnor in Enerpac 99%, indirect participation in GNA 20.874%.) Article Directory: http://www.articledashboard.com |
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