SEMBCORP BOARD TAKES A CLOSE LOOK AT UK INVESTMENTS AND OPPORTUNITIES
Directors from the board of Sembcorp Industries have held an important annual business meeting in the UK for the first time.
Ten directors from the leading utilities, marine and urban development group, plus 17 other senior executives from around the world, spent five days on Teesside at the company’s strategy retreat.
The focus of the retreat was on Sembcorp’s integrated energy business, with the UK identified as one of four important strategic investment locations in a comprehensive review of global activities last year.
Since establishing the Sembcorp Utilities UK business in 2003, Sembcorp has spent around £300 million in developing new and improved assets at Wilton International. The investment has transformed the Wilton operation into a provider of competitively priced, low carbon power to a range of energy-intensive industrial customers from a variety of modern and flexible assets.
In May this year, Sembcorp Industries entered the UK’s fastest growing energy sector – distributed energy generation – taking ownership of the largest player, Midlands-based UK Power Reserve (UKPR) in a £216 million deal. UKPR provides rapid response distributed power and other services which support the resilience of the national grid from 32 sites across the country.
Sembcorp Industries is now considering further significant investment through the development of a new gas-fired power station of up to 1700 MW on the site of the former Teesside Power Station at Wilton which would meet the anticipated increased future site power demand.
A cooperation agreement with South Tees Development Corporation, the body looking to regenerate 4,500 acre zone which includes the former SSI steelworks site, will ensure both parties work together to attract more investment and jobs to the region.
Nomi Ahmad, Head of Sembcorp in the UK, said: “We were delighted to welcome the Board to the UK and to the Tees Valley in particular where there is so much scope for expansion.
“No decisions have yet been made with regards to the gas-fired power station project which is still going through the national planning process. However, we’re working hard with all our local stakeholders to ensure that the Government recognises that in the right circumstances reliable and competitively priced supplies of power from Wilton could act as a major magnet to new investment on the South Tees Development Corporation site too.”
Ben Houchen, Tees Valley Mayor and Chair of the South Tees Development Corporation, said: “Sembcorp is a major player in the region economy and time and time again has demonstrated its dedication to seeing the area thrive.
“It was a pleasure to speak to Sembcorp’s board directors, meet its top bosses from around the globe and thank them for their continued investment and support. As well as that, it was another great opportunity to discuss how Sembcorp can grow and talk up Tees Valley as a fantastic place to live, work and invest.”
IMAGE – left to right – Nomi Ahmad, Head of Sembcorp’s UK business, Mr Ang Kong Hua, Chairman of Sembcorp Industries, Steve Gibson; Neil McGregor, President and CEO of Sembcorp Industries and Ben Houchen.