SembcorpInd (SCI) has been prequalified to bid for Oman’s biggest Greenfield power plant dev, a 2k MW independent power plant project in Sur. It is among 6 bidders to make the initial cut which saw a total of 29 multinational cos cut to 6. Known bidders include Mitsui and Marubeni from Japan and Germany’s Siemens…
Co has 2 other projects in the region, a US$1.0b Salalah independent water and power project (IWPP) and a US$1.7b Fujairah IWPP in Abu Dhabi. The Sur project at 2k MW, will dwarf both Salalah (445 MW) and Fujairah (760 MW), if won by co. Contributions from overseas currently forms over 40% of SCI’s utilities rev...
If won, project is expected to add to rev in mid-2013 when first phase is completed. SCI trades at trailing P/E of 11.2x close to hist avg of 11.1x and 13.0x fwd 2011 P/E.
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