BACKGROUND
A BTU PR release (dated May 2004) regarding the acquisition of Carthage Power Company was distributed and repeated ad nauseam though multiple media outlets such as [ link: zawya.com]. It is also included in the "News & Events" section of the BTU Ventures website.CLAIMS & FACTS
Wael Al-Mazeedi makes the following statements and claims:
- BTU STEAG O&M Services Company is a joint venture between a BTU Power Company affiliate and STEAG encotec GmbH of Germany established to manage and operate power projects acquired or developed by BTU Power Company in the Middle East and North Africa.
- Wael Almazeedi, Chief Executive Officer of the BTU Group, underscored the acquisition's importance: "CPC will become a building block of our energy investment program for Tunisia..."
STEAG encotec GmbH also shows that their "contractual commitment" to Carthage Power Company ran from April 1, 2004 to December 31, 2010. [see page 13 in the link below]
Link: BTU STEAG O&M Services - Carthage Power Company
RESULTS
So, now, after 6.5 years what are the results of Wael Al-Mazeedi's claims in his PR release:- BTU Power Company's power projects (post-Jan 1, 2011) operated & maintained by the JV: zero (0)
- BTU Group investments made in Tunisia after CPC acqusition: zero (0)
CONCLUSION
Given BTU's modestly ambitious statements and claims regarding their 1 (one) investment in Tunisia what's the likely outcome of the latest claims (by QGEN), which promise nothing short of a new INDUSTRIAL REVOLUTION. See excerpt below from QGEN website.
At QGEN, our innovative hybrid configurations for energy production are spearheading the transition to a new industrial revolution,” said QGEN’s founder. “With our game‐changing business model for hybrid energy production, we believe we have identified a clear path to a new energy future
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