EWC revenues grew 7.17%, LNG project delayed

Energy World Corporation reported 7.17% growth in sales revenue for the July-Dec 2009 to US$42.55 million, largely due to the contribution of additional revenue from the Sengkang power and gas projects in South Sulawesi, following the commissioning of the 60 MW power plant on November 17, 2009.

Sengkang power plant is owned and operated by PT Energi Sengkang where EWC owns 95% shares, while Medco Group holds the balance. The power plant was initially designed to deliver 135 MW in combined cycle to the South Sulawesi electricity grid operated by PT PLN, but has subsequently been expanded to deliver 195 MW.

EWC also owns 100% interest in Sengkang PSC which sold 13646 TJ of gas during the financial year ended June 30, 2009 compared with 9821 TJ in the previous financial year. Gas sold for the the half year ended Dec 31, 2009 was 6108 TJ.

How about the Sengkang LNG project?

Well, EWC claimed the facility will have a production capacity of 2 million tons per annum and combine four modular LNG trains, each with a 500,000 tons capacity. The initial plan was to operate the first two modular LNG trains in June 2010, but due to a series of delays in the approval process, the facility will not now commence until 2011.

EWC's stock has lost 60% its value since June 2009...

READ MORE!!!