The two APEA
contracts and the contract with MGAM represented 75 percent of Aquila's long-term prepaid natural gas supply contract exposure.
On August 13, Aquila reached an agreement with American Public Energy Agency (APEA
) on the termination of the company's APEA
III and APEA
IV long-term gas supply contracts with APEA
, which were guaranteed by two subsidiaries of the Chubb Group of Insurance Companies.
Additional collateral in the amount of $110 million to secure the APEA
II surety is contingent upon the issuance of at least $225 million of new financing.
Many who receive these awards value the APEA
as a milestone achievement:
Paul Travelers on another APEA
contract and take additional actions in the coming months to support the remaining position under this bond.
Dr Fong explained that, "the APEA
is aimed at promoting entrepreneurship; by receiving this recognition, it's not just glory for these deserving entrepreneurs, but also motivation and encouragement to them, to continue what they are doing and taking their businesses to the next level.
For the first time, the APEA
sets foot into the Philippines; a nation on the rise.
Alex Law said, "It's an honor for winning the APEA
, it's not just a recognition but also a motivation for me and my team to pursuits a greater height for our organization.
With the future of gas prices becoming more and more unknown because of increasing demands and tightening supply, our members will benefit greatly from this long-term contract," said Roger Mock, president and chief executive officer of APEA
is billed as the region's most prestigious awards for entrepreneurship, and are now presented in 16 countries across Asia and the Pacific.
First held in 2007, APEA
are now presented in 16 markets across Asia, making it the largest and broadest awards of its kind in the region.
We hope that with a recognition program like the APEA
, we would be able to encourage more entrepreneurs to come up and support their nations growth through their businesses".