KAB-PetGas to co-own RM230mil Sabah plant

KAB group MD Lai said that jointly owning and undertaking this major clean energy project with PetGas highlights their capabilities in the sustainable energy solutions space.

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.