Mookane power project reaches critical crossroads

The future of the P5.6 billion, 300 megawatt Mookane Domestic Power Project was due to be decided yesterday as the deadline set by the minority Canadian shareholder to the majority Chinese investor elapsed.

CIC Energy, which holds 30 percent equity in the project, had given GCL Botswana, the Chinese majority shareholder in the project, until October 20 to buy out its (CIC Energy's) holding in the project.With CIC Energy seeking room to offer its share in the project to external parties, the Canadian company was contractually obliged to give its Chinese partner "right of first refusal," which was due to expire on yesterday.