Tycoon Forrest Says Singapore Wants Green Fuels, Not Giant Cable
Jan 17, 2023 by Bloomberg(Bloomberg) -- Billionaire Andrew Forrest sees an opportunity to export green fuels to Singapore after the collapse of a (A$30 billion) $21 billion project to supply clean electricity from Australia.
Developer Sun Cable entered voluntary administration last week amid disputes between investors including Forrest and Atlassian Corp. co-founder Mike Cannon-Brookes over the viability of sending solar power via a 4,200-kilometer (2,600-mile) cable from Australia’s Northern Territory to the city state.
Those plans, which had already drawn industry skepticism, are now unviable, with costs spiraling and uncertainty over demand, Forrest said in an interview in Davos.
Authorities and industries in Singapore say “we don’t know why you want to send us all these electrons, when what we’ve asked the world for — and no one’s giving us — is molecules,” Forrest said Monday. “We want green hydrogen, we want green, synthetic methane, we want green ammonia.”
Singapore is among major global shipping hubs that are responding to decarbonization with ambitions to boost trade in fossil-fuel alternatives, including biofuels and hydrogen. The nation’s government forecasts hydrogen could meet up to half of its power needs by 2050.
The city state’s Energy Market Authority declined to comment. Authorities have previously said the nation has had more than 20 proposals for electricity imports, including from neighboring Indonesia and Malaysia.
Forrest is aiming to develop his Fortescue Future Industries, an arm of iron ore exporter Fortescue Metals Group Ltd., into one of the world’s top exporters of green hydrogen, targeting shipments of 15 million tons by 2030.
The billionaire’s Squadron Energy unit — which holds about a 25% stake in Sun Cable — is considering a potential offer for the company and would require the exit of the existing leadership team, a person familiar with the details said last week.
“We lost faith in the management and chairman,” Forrest said in the interview. “They’re a little startup that has lavish offices and are spending money like there’s no tomorrow, and the management team plus board are really inexperienced.”
Sun Cable didn’t immediately respond to a request for comment.
--With assistance from and .
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.
By
More News

US Natural Gas Falls Below $3 for First Time Since May 2021
Jan 26, 2023
Los Angeles County Blocks New Oil Wells, Mirroring Citywide Ban
Jan 25, 2023
Goldman, BofA Give Up Lead Roles on Mega Adnoc Gas IPO
Jan 25, 2023
Capricorn’s Merger With NewMed at Risk After Board Exits
Jan 24, 2023
UK Asks Consumers to Cut Energy Use as London Freezes
Jan 23, 2023
FPSO vessel for Greater Tortue Ahmeyim project sets off for Mauritania and Senegal
Jan 23, 2023
EU’s Looming Gas Price Cap Could Trigger Abrupt Market Changes
Jan 22, 2023
France’s CGT Union Plans Strike This Week in Energy Sector
Jan 22, 2023
Meloni Heads to Algeria as Italy Seeks to Bolster Gas Security
Jan 20, 2023