Wednesday, September 28, 2011

Petronas confirms intl power market foray via GMR

KUALA LUMPUR: Petroliam Nasional Bhd has confirmed it is making its foray into the international power market with the acquisition of a 30% stake in a subsidiary of India's GMR Group.

Petronas said on Wednesday, Sept 28, its unit Petronas International Corporation Ltd had signed an agreement with GMR's subsidiaries -- GMR Infrastructure (Singapore) Pte Ltd and GMR Infrastructure Ltd.

The agreement, signed on Sept 24, was for Petronas to acquire a 30% stake in GMR Energy Singapore Pte Ltd (GMRE) for an undisclosed sum.

GMRE is developing an 800MW combined cycle gas turbine power plant in Jurong Island, Singapore. To be fuelled by re-gasified liquefied natural gas (LNG), the power plant will be designed and constructed by a consortium consisting of Siemens and Samsung.

Block 1 of the two-block plant is expected to be completed by November 2013, with the second block in December 2013. Once the plant is commercially operational, GMRE's electricity supply business will be managed by its unit GMR Supply Singapore Pte Ltd, which holds an electricity retail license in Singapore.

'The proposed acquisition marks Petronas' maiden venture into the international power market, and is 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.

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