Ranhill secures approval for Sabah power plant
PETALING JAYA: Ranhill Holdings Bhd has obtained approval from the government for the proposed development of a 300MW combined cycle gas turbine power plant in Sabah.
In a filing with Bursa Malaysia yesterday, Ranhill said it received a letter dated Sept 29, 2016 from the Energy Commission (ST) notifying it of the government’s decision to approve the proposal, which was submitted to the Energy, Green Technology and Water Ministry.
The proposal was submitted by a consortium of private companies. Ranhill has 50% equity interest in one of the private companies.
The consortium has been instructed to begin negotiations with Petroliam Nasional Bhd and the company identified by the government, to develop the TransSabah Gas Pipeline, to ascertain the terms and conditions of the gas supply required for the project. The ST will issue a letter of award after the terms of the gas supply agreement are determined.
The company said it will make the necessary announcements on material developments in relation to the project.
Trading in Ranhill’s shares was suspended from 9am till 10am yesterday for the announcement. Its stock rose half a sen yesterday, closing at 97.5 sen with 210,400 shares traded.