KUCHING, Jan 11 (Bernama) - The construction of three hydroelectric dams and a smelter plant in the Sarawak Corridor of Renewable Energy (Score) have been identified to be jointly developed by State Grid Corporation of China (SGCC) and 1Malaysia Development Bhd (1MDB) in a US$11 billion agreement sealed today, said Chief Minister Tan Sri Abdul Taib Mahmud.
"They offered to invest in three dams and one smelter. However, during
a private conversation later, they said they would like to invest in
much wider areas," he told reporters at the Hornbill Skyway after
arriving from Kuala Lumpur here on Monday evening.
Earlier today, Prime Minister Datuk Seri Najib Tun Razak witnessed the
signing of a cooperation framework between 1MDB and SGCC in Kuala
Lumpur. The agreement is for joint ventures in major projects in the
Score, which will have a potential value of US11 billion (US$1=RM3.34).
When asked which three hydroelectric dam the Chinese were interested to
embark on, Taib said "I will study and work on the details later."
1MDB is wholly-owned by the Malaysian government and was set up
recently to drive strategic initiatives for long-term sustainable
economic development and promote foreign direct investment into the
country while SGCC is China's leading power transmission and
distribution company.
Taib thanked Najib for his effort in encouraging people to invest in the Score.
"Now we have to work harder. It is a very good offer where the Chinese
have a lot of expertise in hydro areas. It is an offer that is not easy
to refuse," he said.
On other investments, Taib said he had suggested to the Chinese to
conduct a study on how to exploit the coal deposit at Merit Pila, Kapit.
He said it is estimated the lignite coal field there has a deposit of 400 million tons of coal.
"I would like a joint study done whether to salvage the coal or let it
be buried under the reservoir of a proposed hydroelectric dam near
Pelagus, Kapit," he said.
-- BERNAMA
Archived - Eco Film Fest 2008 
