Google

ASEANAFFAIRS
Sign up | Log in

    ASEAN PROFILES

  ASEAN KEY DESTINATIONS

Home  >>  Daily News  >>  Malaysia News  >>  Investment   >>  China, Malaysia in $11bn Borneo power project
NEWS UPDATES 13 January 2010

China, Malaysia in $11bn Borneo power project

Related Stories

December 20, 2009
India seeks to attract Malaysian investors to infrastructure projects

December 17, 2009
Malaysia state investor ties up with Pinewood in $116.3m studio project

December 10, 2009
US hard-disk manufacturer to raise investment in Malaysia

December 9, 2009
Malaysia’s Petronas spends 13.7bn ringgit on exploration and production

November 30, 2009
Malaysia Iskandar unaffected by Dubai crisis

China's leading power grid operator SGCC and Malaysian development fund 1MDB said Monday they will establish massive energy projects worth $11 billion in Malaysian Borneo, AFP reported.

Malaysian Prime Minister Najib Razak unveiled the joint venture between government development and investment firm 1Malaysia Development Berhad (1MDB) and SGCC (State Grid Corporation of China).

"In a short period of time 1MDB and SGCC, which is China's leading power and distribution company, will be collaborating to identify and plan a number of multi-billion-dollar projects," Najib said in a speech.

"I understand this project will have a total value of 11 billion dollars." Najib did not give details of the projects, but Malaysian officials said they will focus on the energy sector.

The Star newspaper has reported that 1MDB and SGCC will establish hydropower plants and a massive aluminium smelter in Sarawak state on resource-rich Borneo, an island split between Malaysia and Indonesia.

Meenakshi Raman from Friends of the Earth Malaysia said the group was "very concerned about this huge investment" and called on the government to clarify its development plans for Sarawak.

"Our concern is that these companies will be going into dirty industries like aluminium smelters and dams and coal power plants which will only degrade the environment further in Sarawak," she said. Plans for up to a dozen vast hydro-electric dams in Sarawak have raised alarm among indigenous groups and environmentalists who have spent decades campaigning against rampant logging and plantation activity.

SGCC president Liu Zhenya said the firm's plans were part of a boom in trade and energy sector cooperation between the two countries in recent years. "The Chinese government is very supportive of Chinese enterprises' involvement in the infrastructure projects in Malaysia in a more extensive way," he said. afp


 

Comment on this Article. Send them to  your.views@aseanaffairs.com

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
 
or
submit your comment in the box below 

Name

Name


Email

Email



1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand
asean@aseanaffairs.com