The company also achieved a full pass-through of natural gas and distillate costs to SESB
on meeting the heat rate requirements.
was founded on September 1, 1998, to take over the business of electricity supply from the Sabah Electricity Board, which was established trader the Lembaga Letrik Sabah Act of 1983.
However, it has not been receiving these payments from SESB
In return for the construction of the Project, SESB
is entitled to a highly predictable stream of monthly Availability Charges.
Furthermore, the transaction's security package does not include the assignment over the lease agreement between SESB
Chief Financial Officer, Ramesh Veetikat Ramachandran, said, We are pleased to continue working with TEPI and this contract is a huge vote of confidence by TEPI on our capability.
Collectively, the value of contracts by secured SESB
in the last three months has surpassed RM475 million.
chief executive officer Shah Hakim Zain, said, SESB
s growth progress is on the right track as we strengthen our presence in the Asian oil and gas sector.
Besides Thailand, SESB
is also currently providing similar services to the PTTEP group of companies in Australia and Myanmar.
CEO Shah Hakim Zain said the contract awards result from intensified efforts to expand the business in Eastern Hemisphere region which is a focus area for SESB
hopes work to start with PCML in December 2013 while work with PCMI is due to start in this July.
together with Platinum NanoChem, a wholly-owned subsidiary of Graphene NanoChem PLC, successfully completed the formulation of its first graphene-enhanced drilling fluids.