Powered Corp committed to power projects for yemen & region: names key strategic partners

Published October 24th, 2007 - 12:38 GMT

Powered Corp named three key strategic alliances to assist in the development of energy projects in Yemen and the Gulf region. In making the announcement the company confirmed the importance of addressing the energy sectors’ needs in Yemen and the region.

 

Longenecker & Associates and Lion Associates LLC have been appointed by Powered Corporation as its first key advisors in the implementation of Powered’s agreement with the Yemeni Government to build power plants to generate electricity and desalination water using nuclear energy. In addition, Powered Corporation appointed Andrews Kurth, LLP as legal counsel for the company.

 

Longenecker & Associates is a consulting firm that provides specialized, technical and management support to the nuclear and environmental industries.

 

Lion Associates is a full service international consulting firm with unique global expertise in dealing with commercial and government policies and programs directed towards international marketing and trade, enterprise risk, defense procurement, foreign policy and security affairs. An expert licensed company, to be chosen shortly, will handle the project’s nuclear fuels at all times.  Other partnering resources for Powered Corp’s Yemen project will be announced at a later date.

 

Andrews Kurth is one of the leading legal firms world-wide in providing legal consultations in energy projects.
 
Powered Corporation's agreement with the Yemen government signed on September 24 stipulates the completion of a detailed feasibility study for the first site. Subsequent steps involve the securing of project financing and the negotiation and execution of a detailed project-specific agreement that is consistent with international standards. This process will be duplicated for each subsequent site during the agreement’s ten year term. Other responsibilities of Powered Corp include securing all government and related agencies’ approvals and the development of the project(s) consistent with the IAEA rules and guidelines.

 

Powered Corp’s role in Yemen will be to build, own, and operate (BOO) electrical generation plants in association with investment groups and other organizations experienced with nuclear power generation. “Our approach is qualitatively different from the model used elsewhere in the Middle East. We hope that it will set a standard for the development of peaceful nuclear power in the region,” says James Jeffrey, Co-Chairman & CEO of Powered Corp, North & South America and Asia.

 

Powered Corp has conducted an extensive survey of the world’s nuclear power resources to assess the potential for application of nuclear power generation in the Middle East.  The Company is in the process of formalizing alliances with various highly qualified organizations and individuals well-versed in all aspects of nuclear power development that augment Powered Corp’s existing resources.


“Oil and gas are not going to last forever. We have got to look for alternative sources of fuel,” says James Jeffrey. “The Yemen project is exciting and challenging, as there is a national mission driving this effort. Yemen’s future economic growth depends on resolving its power issue. We are determined to be a part of finding long-lasting, clean energy solutions for this country.”

 

Jeffrey says, “We consider the business of energy to be among the most important issues in the Middle East today. Jalal Al Ghani, who is the co-Chairman and CEO for the Middle East and Africa and of Yemeni origin himself, has worked tirelessly to formulate a workable platform that has facilitated an agreement that will benefit the Yemeni people.  This agreement is in fact the result of a three-year process of dialogue with Yemen’s National Atomic Energy Commission (NATEC) that provides the most suitable power solution for Yemen.


“Today, the issue of energy supplies for the region needs to be addressed urgently, and it remains at the top of our agenda. We at Powered Corporation are committed in our efforts to develop peaceful, safe and economically competitive nuclear power in the Middle East region—starting with Yemen.”
 

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