Sri Lanka plant failed after overuse, says Chinese firm

Updated 23 August 2012
0

Sri Lanka plant failed after overuse, says Chinese firm

COLOMBO: A Chinese firm which designed Sri Lanka’s only coal power plant said recent repeated failures were due to over-utilization of the plant without annual maintenance, after an extended drought reduced 85 percent of the country’s hydro power generation.
Sri Lanka’s state-run Ceylon Electricity Board (CEB) on Aug. 13 extended nation-wide daily power cuts by two weeks, due to repeated problems at the plant in Norochcholai which knocked out almost a fifth of the island’s generating capacity.
“The Norochcholai coal power plant was forced to work beyond its required limits and keep supplying electricity to the whole country,” Zhao Wenxue, deputy chief engineer of Northwest Electric Power Design Institute, designer of the plant, said in a statement.
Sri Lanka imposed power cuts in July for the first time since 2001 after the plant failed for a fifth time since it was commissioned in March last year.
The 300 megawatt (MW) plant was repaired but another technical failure forced the utility to again turn off electricity for two hours and 15 minutes daily.
The CEB has criticized the plant’s record and said it had not been performing up to the expected level.
China loaned $450 million for the first phase of the plant and another $891 million for the second phase, which is due to be completed by July 2014 when the plant is expected to generate 900 MW.
Sri Lanka has long maintained uninterrupted power supplies, one of its main pledges to voters and investors, except in 1996 and 2001/2 when it endured power cuts due to severe droughts.
The country has total electricity generating capacity of 3.1 GW, but hydro power’s normal output of 1.2 GW has been cut by more than 1 GW due to drought.


Potential SABIC deal would affect Saudi Aramco IPO time frame, says CEO Nasser

Updated 20 July 2018
0

Potential SABIC deal would affect Saudi Aramco IPO time frame, says CEO Nasser

JEDDAH: A potential deal to buy a stake in petrochemical maker SABIC would affect the time frame of Saudi Aramco's initial public offering (IPO), the oil firm's president and CEO Amin H. Nasser said Friday. 

The IPO of around 5 percent of Aramco, which was initially to take place this year but is now more likely to happen later, would be the world's biggest listing, raising up to $100 billion.

Nasser said that buying a stake in a chemical company like SABIC would positively affect Aramco's revenue, Al Arabiya reported.

“We are still in the very early stages of the discussion to buy a stake in SABIC,” the Aramco CEO said.

“Aramco is ready for the initial offer and the timing remains subject to the state's decision.”

Saudi Aramco said on Thursday it is looking at the possibility of buying a stake in SABIC, a move that could boost the state oil giant’s market valuation ahead of the planned IPO.
Aramco said in a statement that it was in “very early-stage discussions” with the Kingdom’s Public Investment Fund (PIF) to acquire the stake in SABIC via a private transaction. It has no plans to acquire any publicly held shares, it said.
In a separate statement, PIF also said talks about a sale were in early stages. “There is a possibility that no agreement will be reached in relation to this potential transaction,” it said.