Enron invests in Thailand

Sat, 25 Oct 1997 | Source: AFP

BANGKOK (AFP): U.S. oil giant Enron Corp. has signed a three- year agreement to form a joint venture with a local partner to bid for power and water supply projects in troubled Thailand, reports said yesterday.

Enron, the world's third largest energy firm, will take a 49- percent stake in the venture with the EMC Group, a diversified engineering and construction company, the Bangkok Post said.

The deal is Enron's first in Thailand and comes as the country endures its worst recession in decades.

Officials were not immediately available to reveal the registered capital of the firm.

One of the first projects the new company is expected to bid on is a four billion baht ($104 million) 150 megawatt power plant in Rayong province, southeast of here in an industrial corridor on the Gulf of Thailand.

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