http://www.btimes.com.my en Wednesday, February 10, 2010, 01.25 AM http://www.btimes.com.my/articles/melte-2/Article/ http://www.btimes.com.my/articles/melte-2/Article/ Tue, 09 Feb 2010 23:58:12 +0800 Chalco is among the world's five largest producers of aluminium. It is listed on three global bourses, including the New York Stock Exchange and the Hong Kong Stock Exchange. GIIG is looking for another local partner for the smelting plant in the Samalaju Industrial Park in Bintulu. "The project will be co-owned and developed by three parties. We are in discussion with several parties," GIIG director Shahrir Shariff said. The equity structure will be fixed after the power purchase agreement (PPA) is concluded with Sarawak Energy Bhd. The power pact is for the supply of 600 megawatts from the Bakun hydroelectric dam to fuel the smelter. "The key to finalising the equity structure and the entire project is the PPA. We hope to finalise the PPA by June this year, and the plant itself should be ready within three years after the PPA is signed," Shahrir said. Chalco will provide technical expertise and will not take a majority stake in joint-venture company Smelter Asia Sdn Bhd, he added. The majority stakes will be held by GIIG and another local company, Shahrir said after the signing of the agreement between GIIG and Chalco in Putrajaya yesterday. The event was witnessed by Prime Minister Datuk Seri Najib Razak and former prime minister Tun Dr Mahathir Mohamad. Najib said the project reflects the confidence of the Chinese government and investors in the country, particularly in Sarawak. It could also be a catalyst in the development of the Sarawak Corridor of Renewable Energy. "I hope this marks a recovery in the economy this year. Many more foreign investments should be flowing into our country," he said. On whether there was still room to locate large smelting plants in Sarawak, Najib said: "Two licences have been given out. "That is the level of commitment by the government. We just have to work out the supply of power." Meanwhile, Shahrir said that GIIG Holdings and Chalco were looking at raising up to 70 per cent of the project's financing through local and foreign loans. The balance of 30 per cent would come from shareholders. The smelting plant will be able to produce 330,000 tonnes initially. This production capacity could later be increased to 1.25 million tonnes at a later stage. "Aluminium Corp of China (Chalco) has been given the option to take up the entire production capacity of the smelter, but we would like to supply some to cater for local demand later," Shahrir said. http://www.btimes.com.my/articles/sancan-2/Article/ http://www.btimes.com.my/articles/sancan-2/Article/ Tue, 09 Feb 2010 23:49:42 +0800 Hassan, who clocked out at Petronas for the last time, steered the oil company to being one of the industry's most respected and profitable, with operations in more than 32 countries. In fact, 45 per cent of the government's revenue comes from Petronas and it paid RM74 billion to the federal and state governments last year. The accountant who hails from Sungai Petani, Kedah, has asked Petronas staff in an e-mail on Monday to support his successor, Datuk Shamsul Azhar Abbas, who will start work today. As the clock neared 5pm yesterday, the crowd started to swell to almost 1,000 at the lobby of the Petronas Twin Towers. Once the unmistakable grey-haired Hassan appeared from the elevator, cheers erupted from the crowd. Digital cameras and mobile phones flashed away as the retiring president and chief executive officer swiped his electronic identification staff card for the last time at 6.15pm. Tears flowed freely as the crowd formed a line and cheered. Hassan, who was making his way to his car, stopped to sign autographs, pose for photographs and exchange parting words, with wife Puan Seri Noraini Mohd Yusof beside him. Some of the staff made placards bearing the words "Selamat Tinggal" (Goodbye) and "Thank You". They also sang the Petronas corporate song, "Petronas Maju Jaya". Hassan declined to speak to the press, only saying "Okay" when asked how he was feeling. Petronas Management unit general manager Mohd Rashid Sainal said that Hassan helped transform Petronas into a world-class organisation when he came on board. "We all love him so much because he walks the talk, is down to earth, demonstrates leadership by example, and is an icon in loyalty, integrity and professionalism," said International Business Unit executive Aftab Ahmed Siyal.