GMR has agreed to sell a 30% stake in GMR Energy (Singapore) Pte Ltd (GMRE) to Petronas International Corporation Ltd (PICL), a wholly-owned subsidiary of Petronas, subject to approval of lenders. GMRE is developing an 800 MW Combined Cycle Gas Turbine (CCGT) Power Plant on Jurong Island, Singapore.
The power generating facilities, featuring Siemens' latest F-class gas turbines, will be designed and constructed by a consortium consisting of Siemens and Samsung.
Fuelled by re-gassified LNG, the power plant is scheduled for commercial operations in 2013. GMR Supply Singapore Pte Ltd, a wholly owned subsidiary of GMRE, holding an electricity retail license in Singapore, will manage the electricity retail business.
Petronas is one of the largest groups in South East Asia with substantial resources in Oil and Gas. This relationship would pave the way for other possible opportunities between the groups in India as well as internationally. GM Rao, Group Chairman of GMR Group said “This relationship between GMR and Petronas opens up powerful synergy going forward for both the Groups.
It is symbolic of true South-South co operation and its immense potential in the energy market in the Region.”
Datuk Anuar Ahmad, Executive Vice President, Gas and Power Business of Petroleum Nasional Berhard said, "This acquisition marks Petronas Group's maiden foray 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."
