July 25, 2011 / 12:20 AM / 9 years ago

Malaysia's Petronas Gas to raise 1.2 bln rgt for power plant-report

KUALA LUMPUR, July 25 (Reuters) - Malaysia’s Petronas Gas plans to raise 1.2 billion ringgit ($403.4 million) via a term loan or Sukuk for financing a 300 megawatt gas-fired power plant in the eastern state of Sabah, a local newspaper reported on Monday.

The Malaysian Reserve quoted Petronas Gas Chairman Anuar Ahmad as saying the fund-raising would cover 80 percent of the 1.5 billion ringgit Kimanis power plant in Sabah with the rest coming via equity.

Petronas Gas is a subsidiary of state-linked oil firm Petronas .

The Kimanis power plant will be the largest independent power producer in the Borneo island state where electricity disruptions are rife.

It is also expected to help in the development of the Petronas driven Sabah Oil & Gas Terminal project that has the capacity to handle 300,000 barrels of crude oil per day and one billion standard cubic feet of gas per day from Malaysia’s offshore fields. ($1 = 2.975 Ringgit) (Reporting by Niluksi Koswanage; Editing by Muralikumar Anantharaman)

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