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Thailand's Rainbow Power Consortium Proposes $2 Billion Investment in Response to Nigeria's Power Collapse
JOHANNESBURG--July 24, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--Rainbow Power Limited (Bangkok, Thailand), a consortium made of companies Rainbow Energy Limited, PTT Public Company Limited (BAK:PTT) (Bangkok) and Transglobal Energy Funds (Singapore) has proposed a $2 billion investment, depending on federal government approval, into the power, gas, petrochemical and agriculture sectors of Nigeria. Rainbow Power Limited would benefit by being able to acquire 20% of Nigeria National Petroleum Corporation's (NNPC) (Abuja) shares in Brass LNG (Lagos), the Nigerian liquefied natural gas producer and supplier, as well as a minimum of 20% of Brass LNG's production to help provide for Thailand's gas needs. Currently NNPC holds 49% of Brass LNG, while ConocoPhillips (NYSE:COP) (Houston, Texas), ENI (NYSE:E) (Milan, Italy) and Total (NYSE:TOT) (Paris, France) hold 17% each.
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