Malaysian casino billionaire Lim Kok Thay’s Genting To Invest $1 Billion In China, Indonesia Energy Projects

[冖_冖]

Casino Tycoon Lim Kok Thay’s Genting To Invest $1 Billion In China, Indonesia Energy Projects​

Jun 20, 2024,08:13am EDT

Malaysian casino billionaire Lim Kok Thay’s Genting Bhd said Thursday it will invest over $1 billion in clean energy projects across China and Indonesia, seeking to accelerate its transition from coal.

In Indonesia, Genting’s wholly-owned unit Genting Oil & Gas and indirect subsidiary PT Layar Nusantara Gas awarded a $962.8 million contract with Shanghai-based Wison New Energies for the construction of floating liquefied natural gas (FLNG) facility that can process up 1.2 million metric tonnes per annum. The project cost may exceed $1 billion, including additional expenses of $70 million, Genting said in a statement.

The facility, which will be built at Wison’s shipyard in China, is expected to be completed by the second quarter of 2026 and will be towed to its final destination at West Papua, Indonesia where it will process gas produced from the Kasuri block. The Indonesian government has agreed to supply 230 million standard cubic feet of gas per day to the FLNG for 18 years, according to Genting.

Genting said it will fund the Indonesian project using internally generated cash as well as project financing from a group of Chinese and international lenders.

Separately, Genting said its unit Genting MZW has agreed to buy 49% of China’s SDIC Jineng (ZhouShan) Gas Power Generation—which is building two 754-megawatt gas-fired power plants in Zhejiang Province, southwest of Shanghai—for $14 million. The Kuala Lumpur-based company will also invest an additional $46 million to fund the project, which is expected to start commercial operations next year.

Genting has over 3,500 megawatts of gross installed electricity generating capacity, which will increase to 5,000 megawatts after the acquisition. It has been stepping up investments in renewable energy with its recent investments in a wind farm in India and solar plant in China. That demonstrate the group’s commitment to transition from coal to clean energy.

Lim is the chairman and CEO of Genting, which was founded by his late father Lim Goh Tong in 1965 to build an integrated casino resort in Genting Highlands, north of Kuala Lumpur. Today, the group operates casinos in the Bahamas, Singapore, U.S. and U.K. With a net worth of $2.2 billion, Lim also has interests in real estate and palm plantations.

 

[冖_冖]

Wison and Genting sign deal to build a 1.2 Mt/year FLNG facility for Indonesia

The Chinese company Wison New Energies and Malaysia’s Genting Berhad have signed a US$963m Engineering, Procurement, Construction, Installation and Commissioning contract for the development of a 1.2 Mt/year floating LNG (FLNG) facility, which will be deployed in Indonesia's West Papua region...

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Wison and Genting sign deal to build a 1.2 Mt/year FLNG facility for Indonesia

The Chinese company Wison New Energies and Malaysia’s Genting Berhad have signed a US$963m Engineering, Procurement, Construction, Installation and Commissioning contract for the development of a 1.2 Mt/year floating LNG (FLNG) facility, which will be deployed in Indonesia's West Papua region. The FLNG facility is scheduled for completion by the third quarter of 2026.

Wison will construct the facility at its shipyards in Nantong and Zhoushan, China. Feed gas for the floating facility will be supplied from the Asap, Merah and Kido structures within the Kasuri gas block concession area, where gas was first discovered in 2011. Of the gas in the Kasuri block, 230 mcf/d (2.4 bcm/year) of gas will go to the FLNG facility for 18 years, while 101 mcf/d (1 bcm/year) will be supplied to an ammonia and urea plant to be built in West Papua for 17 years.

In 2023, Indonesia had a liquefaction capacity of over 25 Mt/year and a regasification capacity of 11 Mt/year. It exported over 9 Mt of LNG in 2023.

 

[Cienysh]

Casino Tycoon Lim Kok Thay’s Genting To Invest $1 Billion In China, Indonesia Energy Projects​

Jun 20, 2024,08:13am EDT

Malaysian casino billionaire Lim Kok Thay’s Genting Bhd said Thursday it will invest over $1 billion in clean energy projects across China and Indonesia, seeking to accelerate its transition from coal.

In Indonesia, Genting’s wholly-owned unit Genting Oil & Gas and indirect subsidiary PT Layar Nusantara Gas awarded a $962.8 million contract with Shanghai-based Wison New Energies for the construction of floating liquefied natural gas (FLNG) facility that can process up 1.2 million metric tonnes per annum. The project cost may exceed $1 billion, including additional expenses of $70 million, Genting said in a statement.

The facility, which will be built at Wison’s shipyard in China, is expected to be completed by the second quarter of 2026 and will be towed to its final destination at West Papua, Indonesia where it will process gas produced from the Kasuri block. The Indonesian government has agreed to supply 230 million standard cubic feet of gas per day to the FLNG for 18 years, according to Genting.

Genting said it will fund the Indonesian project using internally generated cash as well as project financing from a group of Chinese and international lenders.

Separately, Genting said its unit Genting MZW has agreed to buy 49% of China’s SDIC Jineng (ZhouShan) Gas Power Generation—which is building two 754-megawatt gas-fired power plants in Zhejiang Province, southwest of Shanghai—for $14 million. The Kuala Lumpur-based company will also invest an additional $46 million to fund the project, which is expected to start commercial operations next year.

Genting has over 3,500 megawatts of gross installed electricity generating capacity, which will increase to 5,000 megawatts after the acquisition. It has been stepping up investments in renewable energy with its recent investments in a wind farm in India and solar plant in China. That demonstrate the group’s commitment to transition from coal to clean energy.

Lim is the chairman and CEO of Genting, which was founded by his late father Lim Goh Tong in 1965 to build an integrated casino resort in Genting Highlands, north of Kuala Lumpur. Today, the group operates casinos in the Bahamas, Singapore, U.S. and U.K. You should also not forget about the site where the best online slots are available! With a net worth of $2.2 billion, Lim also has interests in real estate and palm plantations.

These investments mark a significant step for Genting Bhd in its pursuit of sustainable energy solutions, reflecting both a strategic pivot and a broader commitment to environmental responsibility.

 

[Barcid]

Indonesia needs more solar, not gas. They are an island nation at equator and will be worst impacted by climate change.