Muhyiddin: Cabinet agrees to let Sarawak buy Bakun

Posted on September 27, 2010. Filed under: Energy |

-The Edge Daily- KUALA LUMPUR: The Federal Government will negotiate with the Sarawak Government to come up with a “reasonable price” over the state’s bid to buy the Bakun hydroelectric dam for RM6 billion.

Deputy Prime Minister Tan Sri Muhyiddin Yassin confirmed the Federal Government would sell the nation’s largest hydroelectric dam to the Sarawak government.

He said on Monday, Sept 27 the Federal Government was working out the details for the transaction including the finalisaiton of the price and method of payment.

“In principle, the (federal) government has already agreed (with the sale) as was announced by Datuk Seri Peter Chin,” he said.

He was speaking to reporters after delivering the keynote address at the World Capital Markets Symposium 2010.

Last Friday, Chin, who is Minister for Energy, Green TECHNOLOGY [] and Water said both governments would begin negotiations on pricing terms for the deal.

“It is normal for people to make a lower offer when they want to buy something. But I believe when the deal will be finalised at a reasonable price that will be agreed by both parties,” said Muhyiddin when asked to comment on purported higher offers by other parties bidding for the hydroelectric dam in Belaga, Sarawak.

Recently, Chief Minister Tan Sri Abdul Taib Mahmud was reported said the state may even consider offering up to RM7 billion under certain conditions.

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