Puerto Rico power company drops Petrobras in new deal

Associated Press

Puerto Rico's heavily indebted power company says it has signed a new contract to replace Brazilian oil giant Petrobras as the island's main fuel supplier.

SAN JUAN, Puerto Rico (AP) — Puerto Rico's heavily indebted power company says it has signed a new contract to replace Brazilian oil giant Petrobras as the island's main fuel supplier in a bid to save money as a restructuring deadline looms.

The Electric Power Authority said Tuesday that a deal with Connecticut-based Freepoint Commodities will help save $25 million the first year.

Neither the U.S. territory's power company nor Freepoint responded to messages seeking details of the contract.

The power company said it also modified a deal with Spain-based Gas Natural Aprovisionamientos for $30 million in savings. The company will continue to provide natural gas.

The announcement comes two weeks before the power company faces a deadline with creditors to restructure an agency that holds more than $9 billion in debt.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs