Singapore Corporate News - 6 Nov 2007

CDL-Wachovia JV buying two blocks at Cliveden at Grange

A JOINT venture between City Developments Ltd (CDL) and US-based Wachovia Development Corporation is buying two blocks at CDL's Cliveden at Grange condo for $432.4 million or an average price of about $3,750 per sq ft (psf).

ecoWise, Kansai Power sign carbon credit deal

SINGAPORE saw its first contract to generate carbon credits signed yesterday, with an agreement between Sesdaq-listed eco-Wise Holdings and the Kansai Power Co of Japan.

Carbon credits, or certified emissions reduction units (CERs), are generated under the Clean Development Mechanism of the Kyoto Protocol, which Singapore ratified last March.

Each CER represents one less tonne of carbon dioxide released into the atmosphere.

Yesterday's contract will see ecoWise - through its wholly-owned subsidiary - deliver up to 95,000 CERs to Kansai Power, one of Japan's largest utility companies, from early 2008 through to the end of 2012.

The credits are being sold forward, for between eight (S$16.80) to 12 euros each, said Michel Buron, CEO of KYOTOenergy, which brokered the deal.

For a forward sale - which means the buyer pays the seller first, and takes delivery of the CERs later - the price is 'classic', he said.

Rotary Engg bags $45.5m contract from Oiltanking

ROTARY Engineering has secured an engineering, procurement and construction contract worth $45.5 million awarded by Oiltanking Odfjell Terminal Singapore (OOTS).

The project involves the engineering design and construction of mono ethylene glycol and propylene oxide storage tanks and related facilities adjacent to the existing OOTS chemical storage terminal on Jurong Island.

Work on this project is underway and is expected to be completed by December next year.
Rotary is a key provider of engineering, procurement, construction and maintenance services supporting the oil-and-gas and petrochemical industry.

Oiltanking is the second-largest independent tank storage provider for petroleum products, chemicals and gases worldwide.