Thursday, 18 July 2013

1MDB not a factor for extension of IPP's concession

1Malaysia Development Bhd’s purchase of the company which owns 75% of independent power producer (IPP) Genting Sanyen did not influence the government’s decision to extend the IPP’s concession. Replying to Dr Lee Boon Chye (PKR-Gopeng) during question time, the government said that the extension was granted as Genting Sanyen won a competitive bid. "The extension of IPP concessions are done through an open and transparent process, that is through competitive bidding. The IPPs for which concessions were ending in 2016 were invited for the bid, and Genting Sanyen won the bid after going through a tight selection process," Energy, Green Technology and Water minister Maximus Ongkili said. (Malaysiakini)

Source: CIMB Daybreak - 18 July 2013

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