China Harbour Engineering Company possibly EWI's 381 MW LNG Project Angel Investor – Writing Big CHEC via China Ex-IM Bank is Drake's Started from the Bottom now we’re here

“During the meeting with Jampro, the Chinese suggested that they were willing to work with EWI, and vowed that they could secure the necessary financing from China's Ex-Im Bank to get the 381-megawatt project going. The Chinese have said that they were also willing to meet with the Ministry of Science, Technology, Energy, and Mining as early as tomorrow (today) to get things started”

The Jamaica Observer “impeccable” Source commenting that CHEC has stepped in to help EWI secure multi-lateral funding to build the US$737 million LNG Power Plants

At this point we need to start calling Minister of Science, Technology, Energy and Mining, Phillip Paulwell a new nickname: Iron Man. The next Cartoon they should draw of him should show him getting into his suit to rescue the 381 MW LNG (Liquid Natural Gas) Project (it’s moved up 20 MW some time ago, my bad!) as he’s about to do in the Cartoon Below.

It appears that CHEC (China Harbour Engineering Company) with assistance from the Chinese Ex-IM (Export-Import) Bank may be coming to the rescue of the Hong-Kong Based EWI (Energy World International) in terms of financing the project based on the article “Company with Jamaican connection offers to bail out EWI”, published Friday, May 02, 2014 BY HG HELPS Editor-at-Large, The Jamaica Observer.

This according to The Jamaica Observer source’s account, members of the CHEC (China Harbour Engineering Company) met with high-ranking officials at JAMPRO (Jamaica Trade and Invest) to iron out a deal to get into on the 381 LNG Project. Hence the reason why I vote that we call the “exuberant” Minister “Iron Man”!

Wait! Me nuh done yet!

EWI has finally ponied up the US$36.85 million Performance Bond that they should have paid on Thursday April 24^th 2014, which is ten (10) days after receiving the Energy License from the OUR as reported in “EWI Deposits US$36.85m Performance Bond” Published Tuesday April 29, 2014 10:40 am, The Jamaica Gleaner and  “Delay in posting US$37m-bond was out of our control, EWI report says”, published Tuesday, April 29, 2014 12:08 PM, The Jamaica Observer.

Thus speculation that the GOJ could exercise its right to grab 75% of EWIs assets in the LNG Project began to float around in the media as stated in the article “EWI licence provides for forced sale of assets”, published Thursday May 1, 2014, The Jamaica Gleaner is clearly no longer an exercisable option.

So rescued in the nick of time, as they were held up by difficulties beyond their control, as their Bank Account at HSBC Hong Kong had trouble wiring that much money to Jamaica, to  quote the statement from EWI: “While we regret the delay in the posting of the performance security bond that is due to circumstances beyond our control, we wish to reassure the Government of Jamaica and the Jamaican people that the sum of US$36.85 million has been placed with our bankers HSBC in Hong Kong and they have undertaken ‎to process and issue the bond as soon as is possible while adhering to all their internal compliance and regulatory processes that introduce timelines that cannot be circumvented. We give our assurance that our bankers are working tirelessly to comply with all their legal and fiduciary duties in the issuing of this bond.”

So will Minister Phillip Paulwell face disciplinary action? Highly unlikely, as despite call for his head to roll due to the late payment, he did acknowledge the problems that EWI was having, even going as far as issueing a statement on the matter as reported in “Paulwell's statement on progress of 360-Megawatt Power Plant Project”, published Tuesday, April 29, 2014 1:20 PM, The Jamaica Observer  and “Paulwell Says He Will Allow Enough Time For EWI Bond Payment”, Published Tuesday April 29, 2014 1:55 pm, The Jamaica Gleaner.

Chinese Company is China Harbour Engineering Company – Writing Big CHEC via China Ex-IM Bank for LNG Project

Minister Paulwell’s Troubles started on Monday April 14^th 2014 when the OUR 9Office of Utilities Regulation) under his direction had granted the EWI their license to build the LNG Power Plant as stated in “Paulwell Grants License To EWI For 381 Mega Watt Of Electricity”, Published Tuesday April 15, 2014 4:42 pm, The Jamaica Gleaner and “EWI granted licence to supply power to JPS”, published Tuesday, April 15, 2014 4:51 PM , The Jamaica Observer .

This even as controversy swirled about the company and its CEO Stewart Elliott who also happens to be the CEO and Chairman of EWC (Energy World Corporation), a seemingly unrelated yet similar company, according to an investigative report by The Jamaica Observer’s Caribbean Media Report as noted in my blog article entitled “EWI secures US$550 million in Loans from Development Bank of Philippines - Conflict of Interest in EWI and EWC ownership even as Renewable Energy can power the Entire Island”.

The EWI 381MW LNG Plant now had JPS Co (Jamaica Public Service Company) as a potential investor since Friday January 3^rd, 2014, having gotten their 20 year IPP (Independent Power Producer) contract from them as stated in my blog article entitled “JPS Co and EWI forge deal to build 360-MW LNG Plant together - The Wolf of Wall Street makes an American Hustle to Energise Jamaica's Energy Future”.

The plan for the LNG Plant construction has also been split into 2 LNG Plants, with one plant in Bull Bay, St. Thomas and the other in Bogue, St. James in a bid to improve redundancy, again based on a highly-placed source and speculation on my part in my blog article entitled “EWI Plant to have 2 LNG Plants - LNG Plant Banana Split between st. James and St. Thomas may mean LNG Fuel coming for Large companies and Auto LPG for JUTC to reduce fuel costs”.

With such great progress, this problem of not paying the Performance Bond on time was thought to be under the carpet. The following day, however, a surprised greeted Minister Phillip Paulwell when he was told that the IDB (Inter-American Development Bank) had rejected EWI’s request for a loan of US$737 million as stated in the article “Paulwell Stunned”, published Wednesday, April 30, 2014 BY BALFORD HENRY Senior staff reporter, The Jamaica Observer.

It was at that time the Political attacks began.

First, the JCSC (Jamaica Civil Society Coalition) withdrew from the EMC (Energy Monitoring Committee), citing long standing irregularities as stated in “JCSC withdraws from energy monitoring committee, calls for Paulwell's resignation”, published Thursday, May 01, 2014 11:14 AM, The Jamaica Observer.

The Opposition JLP (Jamaica Labour Party) leader Anthony Holness via  a letter to the Prime Minister, Portia Simpson Miller, who was at the ACS Summit in Mexico, to relieve Minister Paulwell of his duties due to his “youthful exuberance” as stated in “The PNP can no longer make 'youthful exuberance' excuses for Paulwell — Holness”, published Wednesday, April 30, 2014 6:02 PM, the Jamaica Observer.

Not one to bend to criticism, Minister Paulwell swiftly moved to state that he’s prepared to use his capacity as Minister of Science, Technology, Energy and Mining to get multi-lateral aid for the LNG Project as stated in “Government prepared to help EWI secure funding – Paulwell”, Published Wednesday April 30, 2014 11:14 am, by Barbara Gayle, Jerome Reynolds and Edmond Campbell ,The Jamaica Gleaner.

He also fired a slavo at his critics about their lack of action, calling Procurement powers to reside in his Ministry instead of the OUR, as apparently their Bureaucratic bungling wasn’t realistic or Investor Friendly as stated in the article “Paulwell wants procurement power in his ministry”, published Friday, May 02, 2014 BY GARFIELD MYERS Editor-at-Large South/Central Bureau, the Jamaica Observer.

Possibly this act of Benevolence may have caught the eye of CHEC, which according to the Source, are the ones with the link to the China Ex-IM Bank.

LNG Project on Track – EWI started from the bottom now we’re here

If this story about CHEC stepping in is true, then it means that the balance of the funding of some US$187 million can be supplied by the China EX-IM Bank. 

This as EWI has claimed that they’ve secure some US$550 million in Loans from the Development Bank of Philippines as stated in my blog article entitled “EWI secures US$550 million in Loans from Development Bank of Philippines - Conflict of Interest in EWI and EWC ownership even as Renewable Energy can power the Entire Island”, the balance that the IDB refused to help them with.

While they’re at it, I hope that CHEC can also pony up the JA$4.6 billion) for the WWFL (Wigton Wind Farm Limited) Wigton III Project as stated in “Wigton expansion priced at $4.6b”, published Friday, April 25, 2014, The Jamaica Observer, possibly expanding it to encompass the entire island instead of just a 24 MW Upgrade.

So is CHEC the mystery Chinese Company? More on this as it develops in future articles on My Thoughts on Technology and Jamaica as apparently Minister Paulwell started from the Bottom now we’re here, Drake Style!