16th Oct 2013 09:18
LONDON (Alliance News) - Power generation company Rurelec PLC Wednesday said Colin Emson would join its board as non-executive chairman, with current chairman Andrew Morris moving to be finance director and Elizabeth Shaw, the current CFO, focusing on financing operations in South America.
The company also appointed Brian Rowbotham as senior independent non-executive director.
"I am pleased to say that with the new developments of the Rurelec Group in South America and as the company continues to grow, we have reorganised our board of directors to ensure that we have the strength in depth to deliver the corporate strategy in a demanding environment," Chief Executive Peter Earl said in a statement.
Rurelec has a growing focus on South America. In recent months it has announced plans to convert its power project in Arica in northern Chile from diesel to either propane based liquid petroleum gas or liquid natural gas, and was granted exclusive rights to develop a gas-fired power plant in the Amazonian region of northern Peru.
It is also fighting for compensation after the Bolivian government nationalised its power plant in the country by force in 2010. It has already begun developing new capacity to replace the Bolivian plant.
"Liz (Elizabeth Shaw) will now be taking on a more focused role in funding our developments in South America whilst Andrew concentrates on the operational finance role as Group Finance Director," Earl said.
Rurelec shares were down 0.9% at 12.265 pence Wednesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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