Rebecca Mark, CEO of Enron, today assured the deputy chief minister, Gopinath Munde that the economic sanctions imposed by the United States following India's nuclear tests would not upset the time-table of the multi-crore power project in the State.

The financial closure for the second phase should be achieved by December this year when the first phase of the project would be commissioned, Marc assured the State government.

Answering to a query, the Enron CEO said following the economic sanctions imposed by the US, the federal financial institutions like US Export Import Bank would not be in a position to finance the project. But Enron would tap other sources to ensure timely completion of the projects, Marc went on to add.

She said that the Power Purchase Agreement for the second phase was beingfinalised. The Maharashtra State Electricity Board (MSEB) has also assigned some of its officials to oversee and expedite the matter.

The Enron CEO said, the terms and conditions of the first phase of the Dabhol project would not undergo any change even after imposition of economic sanctions by the US.

Earlier, Mark had a closed door meeting with the deputy chief minister and other State government officials. After the meeting, Munde told reporters, the visiting Enron officials had assured him that the first phase of 740 mw would be completed by December 1998, four months ahead of schedule.

According to Mantralaya sources, Marc also met former Maharashtra chief minister, Sharad Pawar.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.