Sime Darby: Malaysia yet to approve stake in 2,400-MW Bakun

Malaysian conglomerate Sime Darby Bhd has yet to receive official approval for its proposal to take a stake in the company that is developing the country’s 2,400-MW Bakun hydroelectric project.

Sime Darby had said December 19 that it was keen to take a stake in Sarawak Hidro, which owns the giant project nearing completion in Malaysia’s Sarawak State, on Borneo Island. (HNN 12/21/06)

However, on January 22, Sime Darby said it had not yet received government approval to buy into Sarawak Hidro, which is owned by Malaysia’s finance ministry. Sime Darby leads the consortium building the dam, one of Asia’s largest hydro projects outside China.

A Malaysian daily reported this month that Sime Darby and European engineer ABB won a US$4.28 billion undersea transmission cable contract for Bakun. (HNN 1/17/07) The cables would deliver power from Borneo to the power grid on peninsular Malaysia.

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