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Tuesday, September 11, 2012

SABAH ENERGY TO TAKE STAKE IN PETGAS




KUALA LUMPUR : Sabah Energy Corporation Sdn Bhd is subscribing for a stake in Petronas Gas Bhd's unit which will undertake the construction and development of the LNG regasification facilities in Lahad Datu, Sabah.

PetGas said on Monday Sabah Energy would subscribe for one share of RM1,000 in Regas Terminal (Lahad Datu) Sdn Bhd (RGT).
"The agreement further provides for Sawarak Energy with the option of subscribing up to 20% of the equity of RGT within a stipulated time period," it said.

PetGas said RGT would be responsible for the overall coordination and strategic management of the project during the development stage and will also own, operate and maintain the facilities.

The facilities are scheduled to be completed in 2015 and will have a send out capacity of 760,000 tonnes per annum.

PetGas said within one month from the date of the agreement, RGT's issued and paid up capital would be increased to RM100,000, comprising of 100 shares of RM1,000 each, where PetGas would subscribe an additional 97 shares and Sarawak Energy one share.

"The option period for Sarawak Energy to subscribe up to 20% of the equity of RGT is up to 12 months of the commercial operation date of the facilities, failing which, the subscribed share by Sawawak Energy up to the said date as well as the right to subscribe to the 20% equity will revert back to PetGas," it said.(TheSTAR)

10 comments:

  1. Hope that after the construction and development of the LNG regasification facilities in Lahad Datu in 2015, it can help resolve the power woes in the state.

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    Replies
    1. This is one of the good news in Sabah.

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    2. Since Tawau records the highest amount of power thefts thus the enforcement should be aggressively done in this area.

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    3. Agree with Unknown, the authorities should monitor the power theft more strictly to prevent it from occurring.

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  2. The facilities can send out 760,000 tonnes per annum, surely that could help bring a significant improvement to the electricity shortage problems in Sabah.

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    Replies
    1. I hope the authorities will take alert on this.

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  3. Semoga kerjasama ini akan dapat memberikan kejayaan.

    ReplyDelete
    Replies
    1. moga ia juga membawa kepada kemajuan yang lebih pesat kepada Sabah.

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    2. I do hope it will receive great response from the floor.

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  4. SESB is working hard to achieve its mission and vision. I do believe it can deliver well.

    ReplyDelete

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