Sembcorp Industries +2¢ to $4.38 as company mulls over a Request for Proposals (RFP) by Oman to build & operate a 1500MW greenfield power generation plant. Tenders are expected to be called before year-end. The plant is expected to provide 400MW of electricity in 2013 with full commissioning by mid-2014. This project replaces an earlier planned IWPP project at Al Ghubrah, which SCI was eyeing but was crapped for environmental reasons.
SCI is currently working on the US$1bn Salalah IWPP in Oman which it won in Dec 09 & progress is on track with 61MW (Phase 1) & 173MW/15mgd of water (Phase 2) to be ready by 3Q11 & 4Q11. Gulf revenues expected for contribute 40% of FY10 net profit from SCI overseas utilities projects, up from 28% in 2004. Ytd, SCI (+9%) has outperformed KepCorp (+4%) & this trend appears likely to continue. Good support at $4.28 level.
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