KUALA LUMPUR: Kejuruteraan Asastera Bhd (KAB) and Petronas Gas Bhd (PetGas) have entered into a joint venture to co-own and undertake a RM230mil power plant project in Sabah which will be the sole energy supplier to Petroliam Nasional Bhd’s (PETRONAS) nearshore floating liquified natural gas facility.
KAB’s wholly-owned subsidiary KAB Energy Holdings Sdn Bhd has signed a share purchase agreement to acquire a 10% stake in PetGas’ subsidiary, Regas Terminal (Lahad Datu) Sdn Bhd, which is responsible for owning and undertaking the power plant project, the company said in a statement yesterday.
KAB Energy has also signed a shareholders’ agreement with PetGas to assume the role of technical partner in the proposed joint venture.
KAB group managing director Datuk Lai Keng Onn said that jointly owning and undertaking this major clean energy project with PetGas highlights their capabilities in the sustainable energy solutions space.
“We look forward to share our expertise with PetGas to make this power plant a success and contribute to the country’s energy goals.
“It will also serve as a model development as we pursue more projects in Malaysia and South-East Asia,” he said. — Bernama