Latest news with #SembcorpUtilities
Business Times
27-05-2025
- Business
- Business Times
Stocks to watch: Sembcorp, Bukit Sembawang, SBS Transit, Boustead
THE following companies saw new developments that may affect trading of their securities on Tuesday (May 27): Sembcorp : Its subsidiary Sembcorp Utilities entered an agreement with several of its South-east Asian counterparts to explore exporting renewable energy from Vietnam into Malaysia and Singapore, the group said on Monday. Under the agreement, the parties will focus on unlocking Vietnam's renewable energy resources, particularly offshore wind power, as a source for green electron generation and to supply clean electricity across borders. The counter ended Monday 1.4 per cent or S$0.09 higher at S$6.65, before the news. Bukit Sembawang : The property developer posted a net profit after tax of S$51.4 million for its second half ended March, a 13 per cent increase from S$45.6 million in the year-ago period. The increase was mainly due to the recognition of higher profits for residential development projects Pollen Collection, Liv@MB and Fraser Residence Orchard, the group said on Monday. Shares of Bukit Sembawang Estates closed Monday 0.3 per cent or S$0.01 lower at S$3.92, before the news. SBS Transit : Member of Parliament for Tampines Changkat Desmond Choo stepped down from the board of SBS Transit with immediate effect on Monday, following his appointment as Minister of State for Defence last Friday. Choo, who has been a board member of the transport company since April 2021, will also relinquish his membership on the board's remuneration and nominating committee. He continues to be assistant secretary-general at the National Trades Union Congress. Shares of SBS Transit closed Monday 0.4 per cent or S$0.01 higher at S$2.75, before the news. Boustead : The engineering and technology group on Monday posted a net profit of S$59.1 million for the six months ended March, representing a 58 per cent increase on the year, although revenue slid 42 per cent to S$231.9 million. The mainboard-listed company said that profits had risen despite lower revenue due to lower income tax expenses and a one-off gain. The counter ended lower by S$0.01 or 1 per cent at S$1.04, before the update. Trading halt: Printing cylinder supplier Fuji Offset called for a trading halt with immediate effect on Tuesday morning, pending an announcement. Its shares closed Monday 19.7 per cent or S$0.065 higher at S$0.395.
Business Times
26-05-2025
- Business
- Business Times
Sembcorp Industries enters agreement to explore exporting clean energy from Vietnam
[SINGAPORE] Energy company Sembcorp Industries' subsidiary, Sembcorp Utilities, has entered into an agreement with several of its counterparts in South-east Asia to explore exporting renewable energy from Vietnam into Malaysia and Singapore. Besides Sembcorp, the strategic partnership includes a Malaysian consortium established by the country's utility company Tenaga Nasional and its national oil company Petronas, as well as a Vietnamese technical services company for the energy sector, PetroVietnam Technical Services Corporation (PTSC), which is a member of PetroVietnam, the country's state-owned oil company. The consortia will focus on unlocking Vietnam's renewable energy resources, particularly offshore wind power, as a source for green electron generation and to supply clean electricity across borders, the four entities said in a joint statement on Monday (May 26). 'This alliance reflects the growing momentum towards a regionally integrated Asean power grid,' it read. The partners will also evaluate the feasibility of exporting renewable energy from Vietnam to Malaysia and Singapore via a new subsea cable, which will pass through the national grid of Peninsular Malaysia. There is also the possibility of adding more renewable energy generation and storage that is reliable and consistent in its supply. The statement said: 'To this end, the consortia will work closely with the relevant national authorities throughout the development process, seeking necessary approvals at various project phases, and paving the way for this significant regional power integration and energy interconnection.' A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up It added that the agreement, inked on the sidelines of the ongoing Asean summit in Kuala Lumpur during Malaysia's stint as Asean chair, marked 'a significant step forward in operationalising the tripartite collaboration and affirmed a shared commitment to advancing cross-border renewable energy trade'. 'This milestone reflects growing momentum in the realisation of the Asean power grid, reinforcing regional cooperation towards a more resilient, sustainable and interconnected energy future.' This partnership aims to open pathways for a scalable model of cross-border renewable energy cooperation in South-east Asia, which would position the region as a global leader in collaborative decarbonisation and energy transition. Wong Kim Yin, chief executive officer of Sembcorp Industries, said that this agreement highlights Singapore's strategic role as a demand centre and a key enabler of cross-border power imports to support its decarbonisation goals. 'We are committed to support Asean's low-carbon transition through shared infrastructure and strengthened partnerships,' he added. Tenaga's chief executive officer Megat Jalaluddin Megat Hassan and Petronas chief executive officer Tengku Muhammad Taufik – who are members of the Malaysian energy consortium – said in a joint statement that the country's participation in this initiative reflects its strong commitment to the vision of establishing an Asean power grid, which aims to strengthen regional energy security through the creation of a power transit hub. 'This tripartite partnership is a step forward in advancing transnational green infrastructure, tapping into Vietnam's renewable energy potential, and delivering stable, low-carbon electricity to communities and businesses,' they added. Vietnam's Prime Minister Phạm Minh Chính had previously highlighted offshore wind as a national priority. By participating in this trilateral collaboration, Vietnam aims to catalyse new economic opportunities, stimulate sustainable growth and generate quality employment, the statement said. Tran Ho Bac, chief executive officer of PTSC, said: 'This agreement highlights the role of PTSC in particular, and PVN as a whole, in advancing national energy transition strategies. We expect its effective implementation will mark a significant milestone – a starting point for renewable energy investment in Vietnam.'
Arabian Business
05-05-2025
- Business
- Arabian Business
Singapore's Sembcorp launches 588MWp solar plant in Oman, marking Middle East expansion
Sembcorp Utilities, a wholly owned subsidiary of Singapore-based leading energy and urban solutions provider Sembcorp Industries, announced the start of commercial operations of its mega solar power plant in Oman, its first greenfield renewables development in the Middle East. The 588MWp Manah II Solar Independent Power Project (Manah II) in Manah, Sultanate of Oman, is also its largest utility-scale solar farm project to date, the company said. This milestone follows the successful completion of acceptance tests announced earlier in March 2023 and December 2024, the company said in a media release. Sembcorp's solar plant in Oman will commence power supply under a 20-year power purchase agreement for 500MW with Nama Power and Water Procurement Company. Located in Ad Dakhiliyah, Manah, the project, awarded on March 23, 2023, spans 6.8 million square metres and features 1 million bifacial solar PV panels. The company said Manah II, its first greenfield renewables development in the Middle East, will bolster regional efforts to diversify energy sources and supports Oman's Vision 2040 goal of deriving 30 per cent of its electricity from renewables by 2030. Headquartered in Singapore, Sembcorp has a balanced energy portfolio of 25.3GW, including 17.2GW of gross renewable energy capacity, across 11 countries. Its urban development projects span close to 14,800 hectares across Asia and have generated over 414,000 employment opportunities and attracted close to $58 billion of investment capital, the company said.
Muscat Daily
04-05-2025
- Business
- Muscat Daily
Manah II solar project begins commercial operations
Muscat – Sembcorp Utilities, a wholly owned subsidiary of Singapore-headquartered Sembcorp Industries, on Sunday announced the commencement of commercial operations at the 588MW Manah II Solar Independent Power Project (IPP) located in Manah, Oman. This significant development follows the successful completion of a series of rigorous acceptance tests, which were previously announced by Sembcorp. The commencement of operations marks the formal start of electricity supply under a long-term, 20-year power purchase agreement (PPA) with Nama Power and Water Procurement Company, Oman's sole procurer of electricity and related water services. Sembcorp confirmed that the acceptance tests were successfully completed in December 2024, enabling the project to achieve commercial operation status more than four months ahead of the originally scheduled timeline. With a peak installed capacity of 588 megawatts, Manah II represents Sembcorp's largest utility-scale solar project within its global renewable energy portfolio to date. The project significantly enhances Sembcorp's well-established footprint in Oman's power generation and water desalination sectors. Notably, Manah II is the company's first greenfield renewable energy development in the Middle East, underscoring its strategic expansion into the region. 'The Manah II Solar Independent Power Project aligns closely with Oman Vision 2040 by supplying clean, sustainable energy to the national grid,' Sembcorp said in a press statement. 'It plays a vital role in advancing the sultanate's national ambition of sourcing 30% of its electricity needs from renewable sources by the year 2030.' The Manah II project was awarded through a competitive bidding process by Nama Power and Water Procurement Company to the consortium known as Sembcorp Jinko Shine, a joint venture between Sembcorp Utilities and Jinko Power Technology. The consortium was tasked with the responsibility to build, own, and operate the Manah II solar project. Sembcorp Industries is a global leader in sustainable solutions that support the ongoing energy transition and promote urban development. With its headquarters in Singapore, the company boasts a robust and diversified energy portfolio totalling 25.3 gigawatts (GW), which includes 17.2GW of gross renewable energy capacity spread across 11 countries.
