Panama’s Sinolam sues AES, InterEnergy over alleged anti-competitive practices

Jan 7 (Reuters) - Panamanian energy developer Sinolam LNG Terminal S.A. and Sinolam Smarter Energy LNG Power Co. on Wednesday said they filed a $4 billion lawsuit in Virginia against U.S.-based utility AES Corp AES.N and InterEnergy Holdings, alleging an unlawful campaign to monopolize Panama's LNG-to-power market.

In a complaint filed in Arlington County Circuit Court, Sinolam accused AES and its partners of anti-competitive conduct aimed at derailing Sinolam's planned LNG terminal and gas-fired power project in Colón, Panama.

The suit alleges "coercive tactics," misuse of confidential information and improper influence over regulators to delay permits and revoke licenses.

Sinolam said it had secured permits, power purchase agreements and long-term customer commitments for the projects, which it positioned as part of Panama's ambitions to expand LNG-related activity following the Panama Canal expansion.

The complaint alleges that AES executives, acting from the company's Virginia headquarters, directed efforts to slow the permitting process and push for regulatory action that would undermine Sinolam's authorizations.

Sinolam also alleges InterEnergy misused information obtained under a non-disclosure agreement to help form a joint venture with AES that, it says, displaced Sinolam and its prospective customers.

Sinolam is accusing the defendants of leveraging political influence, including ties to Panama’s government, which holds a stake in AES’s local unit AES Panama S.R.L., to secure monopoly control over LNG imports and power generation.

AES said that the claim "lacks merit" and intends to defend itself vigorously.

InterEnergy did not immediately reply to a Reuters request for comment.