PetGas said the project aligns with its strategy to expand its presence in the energy sector.
PETALING JAYA: Petronas Gas Bhd
(PetGas) has entered into shareholders’ agreements with Sabah Electricity Sdn Bhd and Sabah Energy Corp Sdn Bhd to jointly develop a new 120MW power plant in the Federal Territory of Labuan.
In a filing with Bursa Malaysia, PetGas said the project follows a letter of notification dated Feb 21 from the Energy Transition and Water Transformation Ministry.
“The parties intend to collaborate via a joint-venture company, namely Rancha Power Sdn Bhd for the design, development, construction, installation, testing, commissioning, ownership, operation and maintenance of the said power plant and associated facilities with target of commercial operation date no later than Jan 1, 2028.”
PetGas said the project aligns with its strategy to expand its presence in the energy sector. It said the project will be funded through internally generated funds and external financing.
