Sembcorp would do well to learn from costly errors in energy forays as it embarks on a green journey
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SINGAPORE conglomerate Sembcorp Industries has made impairments to the tune of over half a billion dollars for energy investments in recent years. As the company works towards a greener business portfolio, those impairments should serve as a reminder that the energy business is full of risks.
From 2019 to the first half of 2021, Sembcorp's impairments relating to its energy (formerly called utilities) investments amounted to at least S$514 million. And this was after offsets from exceptional gains.
A reader of The Business Timesrecently noted that Sembcorp had even written off its entire investment for at least one project.
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