NEWS & UPDATES
Energy Demand Intensifies Further Into the New Year as Sarawak Energy Pens Term Sheet Agreement with Malaysian Phosphate Additives (Sarawak) Sdn. Bhd.
Kuching, Sarawak, 8th January 2014: Sarawak Energy, via its wholly-owned subsidiary company Syarikat SESCO Berhad (SESCO), today signed a PPA Term Sheet with Malaysian Phosphate Additives (Sarawak) Sdn. Bhd. for the supply of 150 MW of power. The RM1.04 billion investment by Malaysian Phosphate Additives (Sarawak) Sdn. Bhd signifies robust demand for energy and positive market dynamics in Sarawak.
Malaysian Phosphate Additives (Sarawak) Sdn. Bhd’s 500,000MT per annum phosphorus plant is the first of its kind in the nation and the ASEAN region. The penning of the agreement will be beneficial for their plant in Samalaju Industrial Park to manufacture food phosphates, animal feed phosphates and fertilizer phosphates for use in local and export markets.
Signing for the agreement were Sarawak Energy’s Chief Executive Officer, Datuk Torstein Dale Sjotveit and Malaysian Phosphate Additives (Sarawak) Sdn. Bhd.’s Director, Mr Wu Sor Hwa.
According to Datuk Torstein Dale Sjotveit, Chief Executive Officer Sarawak Energy Berhad, “Sarawak Energy has created an avenue for foreign investors and local players alike to increase their presence through reliable channel of renewable energy in Sarawak. The steady pace of investment shows investors’ confidence in the State and this is expected to contribute positively towards the State’s development and the economy of the country in long run,” said Torstein.
Commenting on the recent signing, Malaysian Phosphate Additives (Sarawak) Sdn. Bhd.’s Director, Mr Wu Sor Hwa said: “We look forward to grow and sustain this affiliation with the green energy power house in Sarawak while expanding our business frontier. In the present era of technology, it is imperative that we keep ourselves aligned to a more efficient and effective source of energy whilst moving forward.”
Mapping Sarawak globally, SCORE’s immense potential to drive the largest state in Malaysia towards a more financially sound status is consistently materialising as Sarawak Energy is expected to attract more foreign direct investments into Sarawak and unleash more of its global market potentials.
Under the SCORE initiative, the Government is implementing a comprehensive plan to develop the economy by harnessing the State’s competitive advantage in the generation of bulk renewable energy to attract investment and employment in energy intensive industries. This will result directly in the people of Sarawak enjoying higher income and improved standard of living.
To support the State’s SCORE agenda, Sarawak Energy is committed towards harnessing the abundant hydroelectricity resources in a sustainable manner, compliant with Sarawak and Malaysian law and guided by international best practices. Sarawak Energy’s projections indicate that by the middle of the next decade, residential, retail and commercial customers in Sarawak will require 2,000 MW while SCORE customers will consume at least 6,000 MW. The State’s GDP is expected to expand 5-fold by 2030, with approximately 1.6million jobs to be created when SCORE is fully operational.
Torstein and Wu exchanging documents