THE company formed to carry on gas processing and power generation on Teesside after the collapse of Enron has bought new offices.

Despite winning new business all over the UK and abroad during its first year of operation, px limited has pledged to stay on Teesside.

Px House, as it is now known, on Teesdale, Stockton, was formerly the Enron headquarters but, since late 2001, has been in the hands of the administrator.

Px has completed the purchase of the building where 40 of its 220 employees work providing legal, financial, IT, human resources and energy trading services to support the gas processing plant at Seal Sands and power station at Grangetown.

Tim Underdown, chief executive officer, said: "We are pleased to have been able to buy the building in which many of us have worked for up to a decade. It gives us more certainty and stability as we continue to develop our business.

"While looking to use the considerable energy industry experience and expertise we have developed here by expanding operations and winning contracts all around the world, we always said that our base was here on Teesside.

"By buying, rather than leasing our offices, I think we are demonstrating that we aim to keep our promises."

Technical, commercial, operational and management services have been offered to the global energy industry and px employees have provided expertise to projects throughout the UK, on the Isle of Man and in South America.