Syed Mokhtar mungkin ambilalih kontrak janakuasa RM11b dari 1MDB

1. Malakoff Corp Bhd yang diterajui Tan Sri Syed Mokhtar Al Bukhary mungkin akan mengambil alih kontrak membina stesen janakuasa arang batu (coal-fired power plant) berharga RM11 bilion dari 1MDB-Mitsui.
2. Ini kerana 1MDB yang menerima kontrak itu pada Mac 2014, kini dilanda krisis kewangan dan dilihat berisiko untuk membiayai projek pembinaan stesen janakuasa 2,000 MegaWatt itu.
3. Berikutan itu Suruhanjaya Tenaga (EC) dikatakan akan menyerahkan projek yang dikenali sebagai Projek 3B itu kepada konglomerat lain yang menawarkan tarif rendah, antaranya Malakoff dan YTL Power International Bhd.
4. Berikut laporan ekonomi berkaitan spekulasi pembidaan semula kontrak Projek 3B bernilai RM11 bilion itu.
5. The Energy Commission (EC) is said to have decided to pass 1Malaysia Development Bhd’s (1MDB) contract to build a 2,000MW coal-fired power plant known as “Project 3B” to other companies.
6. Sources said the EC has approached Tenaga Nasional Bhd (TNB) requesting a proposal to take over Project 3B and the national utility is at an advanced stage of finalising the proposal. At least one other company, Malakoff Corp Bhd, is also said to have indicated an interest in taking over the project.
7. The 3B project, which was valued at RM11 billion, was awarded in March 2014 to 1MDB and Mitsui & Co Ltd, which submitted the lowest tariff rate of 25.33 sen per kWh.
8. However, 1MDB is now embroiled with issues that have cast doubts on its ability to see Project 3B through, including its cashflow problems and its RM42 billion debt.
9. The 2,000MW Project 3B represents half of the capacity the EC has tendered out to meet the power needs of the country by 2019.
10. Any delay would put a spanner in the EC’s power planning, and this is the reason the regulator is now looking for somebody else to finish the job.
11. It is understood that one of the conditions set by TNB is that it will not pay any compensation to 1MDB-Mitsui and that TNB would have the option of not matching 1MDB’s original tariff proposal.
12. Sources, however, said the project has not been awarded to TNB yet and that the national utility conducted talks with Mitsui, 1MDB’s minority partner in the project, to prepare for TNB’s revised proposal.
13. The sources said TNB is leading in the race to win the revised Project 3B, but there is still the possibility that it will be tendered out for re-bidding.
14. It is understood that a re-bidding of the project is desirable, given the EC’s stated objective to provide open and transparent bidding for all projects, even if there is a time urgency.
15. Industry sources said TNB’s only stumbling block is that it will not be able to do the project at the tariff rate that was awarded to 1MDB.
16. “They (TNB) have asked the EC to allow for a higher tariff rate for the uptake from (Project) 3B,” an industry source said. In the original tender, Malakoff submitted a tender that was the second-lowest after 1MDB’s.
17. Malakoff, which is undergoing an IPO this week, is said to be interested in the project. “Rightfully, Project 3B should be given to Malakoff if they can match 1MDB’s low tariff bid,” said a source.
18. He said Malakoff would be able to meet 1MDB’s lower tariff demand if it is allowed to provide the generation capacity at its existing complex in Tanjung Bin, Johor.
19. Malakoff is also uniquely poised to fulfill the EC’s desire for a quick time to bring Project 3B online because it has almost completed its T4 project at Tanjung Bin and can bring its engineering, procurement and construction resources there to build its Project 4A almost immediately. 
20. “Malakoff can fit in another coal-fired power plant in Tanjung Bin without any problem because it has more than enough space and all the infrastructure are already in place,” he said.
21. “They can build a 2,000MW plant in Tanjung Bin easy.” Industry sources also pointed out that Project 3B could be split between TNB and Malakoff, with each power company generating 1,000MW each.