To achieve that, Sembcorp invested in several companies involved in thermal power, gas importation and retail as well as regas infrastructure. It also invested in companies that focus on renewable energy, and water and wastewater treatment. In addition, the company divested some of its prior investments that were not in line with its new strategy.
SINGAPORE (March 6): About two years ago, Sembcorp Industries unveiled a bold, new strategy to reduce its dependency on the oil services industry. Its key focus was to expand its utilities business (now known as the energy business), and thereby, transform itself into an integrated energy player.
This strategy — as the company hopes — would allow it to benefit from the global transition towards renewable energy. At the same time, it would offset the drag by Sembcorp Marine (SembMarine), its 60.9%-owned listed subsidiary, which continues to be bogged down by the downturn in oil prices.
