The Business Times

Tenaga stake in power plant annoys Mitsui

1MDB's move could lead to blockade of funds by Japan bank

Anita Gabriel
Published Mon, Jul 7, 2014 · 10:00 PM
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[SINGAPORE] Malaysia's multibillion-ringgit coal-fired power plant project, led by state-backed 1Malaysia Development Bhd (1MDB), has hit a bump with a last-minute push to rope in national utility Tenaga Nasional as partner.

BT understands that the decision by 1MDB to get Tenaga on board with a 25 per cent interest in the 2,000MW project, more than five months after the contract was awarded by the Energy Commission, has displeased its formidable Japanese partner in the project.

1MDB owns 70 per cent while Japan's Mitsui Co owns 30 per cent in the joint venture company that will build, own and operate the plant in Negeri Sembilan.

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