Korean firm eyes thermal plant

Korea-based JC Ethanol and Metal Trading Corp. (JCEMTC) will participate in the bidding for the decommissioned Manila Thermal Power Plant (MTPP) on Feb. 6 this year.

Sources said JCEMTC is one of the two bidders pre-qualified to join the privatization process.

The other bidder, sources said, is Malaysia-based Gagasan Steel Sdn Berhad.

Gagasan, incorporated in July 28, 1998, was known in the industry of removal and disposal of metal scrap.

Among its high profile clients include: Tenaga Nasional, Telekom Malaysia , Keretapi Tanah Melayu, Felda Palm Industries Sdn Bhd, Keretapi Tanah Melayu Berhad, Delta Metal, Malaysia Shipyard & Engineering among others.

MTPP is located in Ermita along the Pasig River covering about two hectares and is considered a prime commercial area in Manila.

The first two biddings for the MTPP in 2005 and 2006 failed primarily due to lack of investor interest.

Thus, the Power Sector Assets and Liabilities Management Corp. (PSALM) decided to include the underlying land to the sale of MTPP to lure more bidders.

The government, however, wants to ensure that the winning bidder of MTPP will be able to dispose of any toxic materials from the decommissioned power facilities.