Petronas awards four production sharing contracts
Petronas awarded PSCs for nine fields and one exploration block offshore Malaysia. The awards include clusters in Peninsular Malaysia and Sabah, involving Dialog Resources, EPOMS, ConocoPhillips, and Petronas Carigali. The contracts were offered under the Malaysia Bid Round 2024.
PLN IP seeks Japanese partners for hydropower projects
P T PLN Indonesia Power (PLN IP) invited Japanese investors during the Japan RE Invest Indonesia 2024 event to join its decarbonization efforts by investing in hydropower projects, known as the Hydronesia Project, throughout Indonesia.
PLN IP plans to add 9 GW of power capacity by 2030, with approximately 6 GW from renewable energy. Three hydropower projects offered under the Hydronesia Project are the Tanjung Sakti hydropower plant in South Sumatra, the Jatiluhur pumped storage plant in West Java, and the Tabang hydropower plant in East Kalimantan, with a combined capacity of 1,045 MW.
PLN IP is inviting partners under a proposed ownership scheme of 51% to PLN IP and 49% to the partner, with 70% project financing support.
South Korea to build largest hydrogen fuel cell power plant
South Korea is set to construct its largest hydrogen fuel cell power plant, the Gangdong Hydrogen Fuel Cell Power Plant, in Gyeongju, Gyeongsangbuk-do. With an investment of USD 550M, the plant will have a capacity of 107.9 MW, generating electricity for 270,000 households annually. Construction is slated to begin in March 2025, with the plant expected to be operational by March 2028.
The project addresses critical energy deficits in industrial complexes and represents a pivotal move in South Korea’s energy transition.
Nippon Steel sets sights on a growing overseas market
Nippon Steel is pursuing a USD 15bn bid to acquire U.S. Steel to grow its presence in India, Southeast Asia, and the U.S.
The company exports about 70% of its output, with plans to expand its production capacity overseas due to declining domestic demand in Japan. Under the proposed deal, U.S. Steel would become a subsidiary of Nippon Steel, maintaining its name and headquarters in Pittsburgh.
Meranti Green Steel plans to build a green steel plant
Meranti Green Steel plans to build a green steel plant in Thailand’s IRPC Eco-Industrial Zone, with a capacity of up to 2.5 million tons of low-carbon hot-rolled coils per year. The plant, scheduled to start up in mid-2028, will initially use natural gas for 80-90% of its energy, supplemented by green hydrogen. Meranti aims to significantly reduce CO2 emissions during production.