Dueling Pipelines In The Andes

Jose Yuraszeck is chairman of Empresa Nacional de Electricidad (Endesa), Chile's biggest electric utility, but he also had ties to a gas pipeline consortium that included Houston's Tenneco Inc. Because a rival consortium was bidding for a critical contract to sell gas to Endesa, Yuraszeck excused himself from his company's board meeting on July 12 in Santiago. To his surprise, the board voted to buy gas from the competing group, led by Calgary-based Nova Corp., which plans to build a $285 million pipeline over the Andes from Argentina. "It was a rout," says Yuraszeck.

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