Join hands with Chinese enterprises and invest 4.8 billion dollars in Genting to develop energy in China and Indonesia

Genting went to China and Indonesia to develop energy

First, Genting will issue an offshore floating liquefied natural gas production facility (FLNG) construction project contract to China's Wison Group (Wison) through its subsidiary Genting Energy, worth 962.8 million US dollars (approximately RM4.53 billion). After adding reimbursable expenses, the value can exceed 1 billion US dollars.

At the same time, Genting also reached an agreement with China Jineng International Energy through its subsidiary to spend 100 million yuan (about RM65 million) to acquire 49% of SDIC Jineng (Zhoushan) Gas Power Co., Ltd., and then signed an intentional agreement with the Chinese state-owned enterprise SDIC Electric Power to invest about 328 million yuan (approximately RM210 million) to cooperate in the development of 2 gas power plants around Shanghai.

Genting President, Chief Operating Officer and Executive Director Dato' Sri Chen Guanghan pointed out at today's press conference that the offshore FLNG project will be located in Indonesia's West Papua province and can produce 1.2 million liquefied natural gas per year to supply the regional market.

“Based on the current high oil and gas prices, this project is estimated to contribute 1.3 billion US dollars (approximately RM617 billion) to Genting's revenue.”

As for the Zhoushan gas power plant in China, it is expected to be completed next year, and electricity will be supplied to the greater Shanghai region for the next 25 years.

“According to estimates, this power plant will generate revenue of 8.5 billion to 8.6 billion US dollars (about 40 billion to 40.46 billion) over 25 years.”

Regarding Genting's main gaming and travel and leisure business, Chairman and CEO Tan Sri Lin Cathay, who also attended the press conference, said that in addition to the energy business, the company will also continue to drive the growth of its gaming business.

“Our gaming business now has limited opportunities to grow domestically, but we will continue to seek business opportunities in other foreign markets and continue to pursue growth.”

In addition to Lin Guotai and Chen Guanghan, Genting's Deputy Chief Executive Officer and Executive Director Dato' Indralin Gonghui, and Wison Group Chairman Liu Hongjun all attended the press conference.