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22-08-2007, 01:01 PM

wish

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Singapore Power Seraya Ltd

Singapore's Power Seraya Ltd. said Wednesday it will develop a new 800MW power plant on Jurong Island at a cost of S$800 million.

The natural gas cogeneration plant will be built by a consortium led by Siemens AG (SI) and Samsung Corp. (000830.SE), Power Seraya said in a statement.

The plant will be completed by 2009 or 2010, and will be financed partly through a S$450 million commercial loan.

Bank of America will be part of the team of local and international banks arranging the financing, the statement said.

Power Seraya also said it is negotiating with Siemens a 10-year service deal for the plant worth S$250 million.

Power Seraya also said it will set up an oil trading company - Petro Seraya Pte. Ltd. - which will trade physical petroleum products.

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