Energy Biz Rewind: Lime Energy’s IMPROPER Documents, Chevron Given GO-AHEAD In Brazil
Here are Tuesday’s top stories:
Shares of Lime Energy Company (NASDAQ:LIME) implode after its audit committee determines that some revenue has been improperly recorded, and also that non-existent revenue might have been recorded. As a result, 2010 and 2011 annual reports as well as its first quarter 2012 report can not be relied upon, and thus must be restated.
Fuel Tech Inc. (NASDAQ:FTEK) wins a $36.6 million air pollution control contract with w top utility in Chile, which marks the largest such deal in the firm’s history. Included in the contract is turnkey installation of Low NOx Burners and Over-Fire Air systems and mill modernization sufficient for six coal-fired units.
Mitsui & Co. (NASDAQ:MITSY) and Korea Electric Power Corporation (NYSE:KEP) agree to jointly upgrade a fossil-fuel-burning power plant for Takoradi International in Ghana. Included in this project is the addition of a steam turbine, heat recovery steam generators and a seawater cooling system to the existing gas turbines. The contract will have an approximate value of $260 million.
Chevron Corporation (NYSE:CVX) will soon be allowed to again go forward with production at its well off the coast of Rio de Janeiro, which had been shut down because to an oil spill, said Brazil’s oil regulator. However, no definite date was given to describe ‘soon’.
Don’t Miss: Baker Hughes Second Quarter Earnings Sneak Peek.
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