PRIMEX News

Mirant Philippines names Leviste new CEO

Published on Manila Bulletin on 24 April 2006

Leading energy producer Mirant Philippines Corporation is changing anew its top leadership with 61-year-old Jose "Joey" P. Leviste replacing James R. Harris as the company president and chief executive officer; and will simultaneously take post as senior vice president of Mirant Corporation.

"Mr. Leviste brings tremendous experience and expertise to Mirant which will be invaluable in our Philippines business," said Mirant Corporation chairman and CEO Edward R. Muller, in his announcement made in Atlanta.

An economics graduate from Ateneo de Manila University, Leviste holds chairmanship of local consultancy firms Polistrat International and Pacific Rim Innovation and Management Exponents (Primex) prior to his appointment at Mirant. He also lists MBA degree from Columbia University and MA Economics Degree from Fordham University.

Leviste’s various stint in the energy sector include his recent involvement in the Independent Review Committee on the implementation of the Downstream Oil Deregulation Act; and as president of Filoil; previously the real estate arm of the Philippine National Oil Company.

He is also deeply involved in the country’s mining sector as chairman of the board of Climax Arimco Mining Corporation (CAMC); which lists an Australian partner.

Its other involvement, both in the business and private sectors are with the Philippine Associated Smelting and Refining Corporation (PASAR); as Deputy Minister of Trade and Industry during the Marcos administration, Assistant Secretary of Agriculture, and Executive Director of the Energy Development Board. He began his professional life with Caltex Philippines, Inc. and Proctor & Gamble, Philippines, working in budgeting and accounting functions.

Harris was just barely seven months in office prior to this new round of ‘changing of the guard’ at Mirant Philippines helm.

The entry of a new chief executive at the company is seen as a very crucial development; given earlier reports that the US firm is pursuing refinancing for the company through offer of some shareholdings to interested capital investors.

Until the planned .2 to .8 billion refinancing plan is consummated, it is perceived that most of earlier proposed expansion of operations in the country would likely be put on hold.

But should the company pursues new projects or join the biddings for NPC’s asset sales; it noted that it is more keen on acquiring or putting up power generation facilities that runs on coal or natural gas.

While traversing this transition, the American firm is also settling some various issues with government; including the P1.35 billion demanded payback of National Power Corporation (NPC) for the sale of its 200-megawatt excess capacity from Sual power station.

Mirant is seen giving its Philippine operations strategic importance because of its very large portfolio here, with an aggregate capacity of roughly 2,300 megawatts, representing net ownership interest in various power projects.

Its generation assets include the 1,200-megawatt Sual and 700-MW Pagbilao coal-fired power facilities; the 1,200-MW Ilijan natural gas-fired facility; 310MW Navotas gas turbine plant; Panay electric plant; Mindoro and the coal-fired power facilities in Cebu.

It was during the stint of Edgardo Bautista as president that Mirant achieved its leadership in the Philippine power industry — it not only being the largest power provider; but has also been instrumental in realizing the government’s vision of electrifying even the most remote and far-flung barangays.

Through its Build-Operate-Transfer (BOT) contract with state-owned NPC, the energy firm also brought in steady earnings to become one of the most profitable corporations in the country; and has also helped eased the financial dilemma of its Atlantaheadquartered Mirant Corporation. (Manila Bulletin)

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