Petronas Gas to raise RM1.2 bln
for Kimanis Power Plant Project
KUALA
LUMPUR: Gas distributor, Petronas Gas Bhd (PGB), plans to raise RM1.2
billion either through a term loan or sukuk bond to part finance the
300-megawatt gas-fired Kimanis Power Plant in Sabah.
The
project financing will be 80 per cent of the total cost of the RM1.5
billion power plant, while the remaining 20 per cent will be funded via
equity.
Its
chairman Datuk Anuar Ahmad said PGB is in talks with both local and
foreign banks to finalise details for the project financing.
The
power purchase agreement for the plant will take place soon, he said
after the company’s Annual General Meeting here, today.
The
power plant, which will be the largest independent power producer in
Sabah, is jointly developed through a 60:40 venture between PGB and NRG
Consortium (Sabah) Sdn Bhd, the energy arm of Yayasan Sabah.
The
joint venture company, Kimanis Power Sdn Bhd (KPSB), signed a
contractual service agreement with the consortium of GE Power Systems
Malaysia and GE Energy Parts International in December last year.
The
engineering, procurement, construction and commissioning (EPCC)
contract was signed in March this year between KPSB and the consortium
of CTCI Corp, CTCI Malaysia, Synerlitz and SCHB Engineering, said PGB
in its annual report.
Located
over 21 hectares, the power plant is scheduled to be completed in
end-2013, to meet Sabah’s increasing electricity demand.
As
for the re-gasification plant in Melaka, Anuar said it is expected to
be operational in the middle of next year, and will contribute 10 per
cent to annual revenue.
On
capital expenditure, PGB chief executive officer Samsudin Miskon said
the company has set aside RM800 million for this year, and between
RM800 million-RM1 billion next year for this purpose from internal
funds.
The
fund will be utilised for among others, Plant Rejuvenation and Revamp
(PRR) two and three and also the EPCC of the Kimanis, he added.
On
the listing of Gas Malaysia Sdn Bhd, Anuar said as a shareholder, PGB
has agreed to it but was unsure of when it would take place.
“I
think it will be sometime this year (but not sure),” he said.
PGB
reported a 53 per cent increase in pre-tax profit to RM1.9 billion for
the year ended March 31, 2011 from the RM1.244 billion, registered
previously.
Revenue
was higher at RM3.525 billion, from the RM3.222 billion recorded
previously, due to higher gas transportation income and utilities sales.
Its
share price stood at RM13.48, down two sen as at midday close. – Bernama
Contact us at: chin178@gmail.com www.ArchitectChin.com
|
SECURE &
CONFIDENTIAL