Zeons Corporation (ZEON)

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US $800 Million


When an article states US $800 Million, it means $800 Million U.S. Dollars.


US$800M in renewable energy projects await Dominican President’s nod

January 29, 2008


SANTO DOMINGO.- The regulation to apply the Renewable Energies Incentive Legislation 57-07 has been in the National Palace for more than two weeks awaiting review before president Leonel Fernandez signs it into Law.

This regulation had to be ready on November 30 and National Energy Commission president Arístides Fernandez Zucco, who drafted the bill, met the deadline, but it has yet to take effect.

Interested sectors were asked to suggest any modifications on the document, while the CNE has requests for US$800 million worth of investment in renewable energy projects.

In fact the CNE president will formally announce those investments at 10 a.m. today, although none of them would materialize without securing the legislation’s tax exemptions.

On November 15 Fernandez announced the Power Contingency Plan as one his administration’s most important efforts to save energy, but already two and-a-half months have passed since that speech and the legislation still lacks a regulatory factor to apply it.

Afterwards Industry and Commerce minister Melanio Paredes also said the regulation was ready and that the chief executive would possibly take advantage of the First International Energy Week staged in the country last week to sign the regulation, which didn’t happen either.

Fernandez Zucco, interviewed by the newspaper Listin Diario, said he sent the regulation to Executive Branch Legal adviser Cesar Pina more than two weeks, but that it was still under review.

He said he would meet with Pina on Monday, in an effort to get the bill singed into Law as soon as possible, in order to take advantage of the renewable energy projects by local and international investors.


http://www.dominicantoday.com/dr/economy/2008/1/29/26856/US800M-in-renewable-energy-projects-await-Dominican-Presidents-nod


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