Tuesday, June 21, 2011


DBEDT Director Richard Curtis Lim has major energy investments

By Henry Curtis

Director Richard Lim addressed the Hawaii Economic Association at the Plaza Club (June 2, 2011). He stated: Of course, there will always be the vocal minority that will object. Think of the super ferry. And, there have been other projects that have been derailed by well heeled NIMBY’s and special interests. While I am all for protecting the environment, we need to strike a balance. We can do responsible and sustainable development.”

Richard Lim’s State Ethics Commission financial disclosure statement revealed investments valued between $6.4 million and $11.7 million, including $750,000 to $1 million in Hawaiian Electric stock owned by his wife. Ian Lind summarized these investments ranked by value.

Richard Curtis Lim has a number of investments in energy companies.

An investment of $750,000-999,000 in Hawaiian Electric Industries owner of HECO, MECO and HELCO. The stock pays a dividend equivalent to about 5% per year. Thus HEI pays Richard Lim $40,000-50,000 per year.

This includes an investment of $50,000-99,999 in Allegheny Energy, Inc. which owns and operates electric generation facilities and delivers electric services in Pennsylvania, West Virginia, Maryland and Virginia. Allegheny Energy owned 22 coal-fired generating stations in 2005. Blaine Township, a small town about 40 miles southwest of Pittsburgh, sought to ban coal mining within its borders. The town passed three ordinances that ban coal mining and require corporations in any industry to disclose their activities to local government. As of June 2009, Penn Ridge Coal LLC, a division of Alliance Resource Partners, and Allegheny Pittsburgh Coal Co., a division of Allegheny Energy, were suing the township in federal district court, charging that the ordinances violate their corporate rights.

An investment of $50,000-99,999 in TECO Energy, an energy company headquartered in Tampa, Florida. TECO Energy has four business units including TECO Coal, producer of coal in Kentucky and Virginia which in turn owns Clintwood Elkhorn Mining Co., Perry County Coal Corp. and Premier Elkhorn Coal Co.

An investment of $50,000-99,999 in Petróleo Brasileiro S.A. or Petrobras, the largest company in Latin America by market capitalization and revenue, and the largest company headquartered in the Southern Hemisphere by market value. While the company ceased to be Brazil's legal monopoly in the oil industry in 1997, it remains a significant oil producer, with output of more than 2 million barrels of oil equivalent per day, as well as a major distributor of oil products. The company also owns oil refineries and oil tankers. Petrobras is a world leader in development of advanced technology from deep-water and ultra-deep water oil production.

An investment of $250,000-499,999 in Conoco Philips. Conoco and Phillips merged in 2002 creating the sixth-largest publicly traded oil company in the world and the third-largest in the United States. ConocoPhillips explores for and produces oil, natural gas and natural gas liquids around the world. ConocoPhillips is the fourth-largest non-governmental controlled refiner in the world.

An investment of $25,000-49,999 in Williams Companies, Inc. Williams produces enough natural gas for more than 5 million homes per day. Over the past five years they participated in the development of 7,200 new natural gas wells. Williams gathers and processes natural gas both onshore, in production hubs like the Rockies, and offshore in the deepwater Gulf. With thousands of miles of pipeline across the United States, Williams delivers about 12 percent of the nation's daily supply of natural gas.

An investment of $25,000-49,999 in The United States Oil Fund, LP which tracks the movements of light, sweet crude oil.

Richard Lim co-founded Sennet Capital, a Hawai'i merchant bank that provides strategic financial and advisory services and private equity financing to mid-market and renewable energy companies and projects.

The Sennet Capital team includes: Paul Alston, Paul Casey, Herbert Conley (formerly Co-Managing Director of Coldwell Banker Pacific Properties), Lawrence M. Johnson, Bert A. Kobayashi, Cathy Luke (President of Loyalty Enterprises, Ltd), Duncan MacNaughton (founding partner and Chairman of The MacNaughton Group), Colbert M. Matsumoto (Chairman and CEO of Island Insurance Company, Ltd.), Kenton Eldridge (co-founder of Aina Koa Pono, and co-founder Sennet Capital), Dr. Karl Stahlkopf (former HECO’s Senior Vice President, Energy Solutions and Chief Technology Officer and President of HECO’s Renewable Hawaii Inc., an unregulated HECO subsidiary) Admiral R.J. “Zap” Zlatoper, USN (Ret.) and Robert F. Clarke (Hawaiian Electric Industries (HEI) President and Chief Executive Officer (1991-2006), serves on the board of Aina Koa Pono, a biofuel company).

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Henry Curtis


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