MALAYSIA’S oil and gas company Petroliam Nasional Bhd (Petronas) is entering the power generation business by buying almost a third of a company that is building a plant in Singapore.
The deal is its maiden venture into the international power market and “a major step in its effort to extend its existing integrated presence further along the energy value chain as part of its future growth strategy”, it said in a statement yesterday.
Its wholly-owned unit, Petronas International Corp Ltd, is buying 30 per cent of GMR Energy Singapore Pte Ltd (GMRE) for an undisclosed sum. The seller is GMR Infrastructure (Singapore) Pte Ltd and GMR Infrastructure Ltd – both subsidiaries of GMR Group, India.
The deal was signed on September 24.
GMRE is building an 800 megawatt combined-cycle gas turbine power plant in Jurong Island, Singapore. The plant, which is being designed and built by Siemens and Samsung, will be powered by re-gasified liquefied natural gas.
Block 1 of the two-block plant is due to be completed by November 2013 and the second block in December 2013.
Once commercially operational, GMRE’s electricity supply business will be managed by wholly-owned subsidiary GMR Supply Singapore Pte Ltd, which holds an electricity retail licence in Singapore.
BTimes
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