HOUSTON – Azurix Corp., an affiliate of Enron Corp., announced today that it has been notified that it will be awarded the water and wastewater concessions for two regions of the province of Buenos Aires, Argentina. The company received notice on May 18 from The Privatization Committee that it had been pre-awarded the concessions, and official awards are expected to be made on June 8.
Azurix bid $438.6 million for the 30-year concessions. The concessions encompass Region A, the southern area of the province, which includes the large industrial city of Bahia Blanca and a population of 430,000 and Region C, with a population of 1,520,000, including the provincial capital and industrial center of La Plata and the rural areas in the interior of the province.
“We are delighted to have won these concessions and to participate in one of the last major water privatizations in Argentina,” said Rebecca P. Mark, chairman and CEO of Azurix. “Operating these assets and participating in the Mendoza concession establish Azurix as a key player in the Argentina water market and demonstrate our commitment to provide clean, efficient and reliable water and wastewater services to customers in these growing regions of South America."
Azurix will fund the transaction through a combination of debt financing and equity capital. Subject to certain regulatory approvals, Azurix expects to take possession on June 18, 1999.
Azurix is a global water company that owns, operates and manages water and wastewater assets, provides water and wastewater related services, and develops and manages water resources. Azurix maintains headquarters in Houston and London.
For additional information please contact:
Diane Bazelides
(713) 345-5209
