Electricity minister Raad Shallal al-Ani, whom Prime Minister Nuri al-Maliki has moved to dismiss but who must still be questioned by parliament, announced on March 23 that Iraq planned to build 50 power plants with a capacity of 100 megawatts by the summer of 2012.
Pending the outcome of the proposed asset sale of a 90% interest in the
Electra Burkburnett fields, RAM’s previously disclosed guidance of 1.7
million to 1.8 million BOE of production for 2011 and modified EBITDA of
$52.0 to $55.0 million for 2011 is no longer valid.
“They have mass land that is utilised for agriculture and we are here to see how we can help develop that as well as other areas that would change the living standard in the community. By the geographical map of the federation you cannot take away this land from Lagos State because about 85 percent of the land mass belongs to Lagos state. Our concern now is to take care of our people,” he stressed.
Indeed, it was not the first tour the ministry was embarking on, but significantly, it was Ojelabi’s first major tour of rural areas since he was sworn in as commissioner on July 4, 2011.
Some of the youths who carried placards did not suggest any intent of grievance. The inscriptions contained messages welcoming their August visitors but as well bringing to their notice, a long crave to have a feel of the wind of infrastructural renewal going on in other parts of the state.
Modified EBITDA (a non-GAAP measure) was $24.6 million for the six
months ended June 30, 2011 compared with $28.2 million in last year’s
first half. Similarly, free cash flow for the first half of 2011 totaled
$15.4 million, or $0.20 a share, compared with $18.5 million, or $0.24 a
share, for the six month period ending June 30, 2010.
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