NATIONAL water agency PUB’s actions over debt-hit Hyflux’s Tuaspring desalination plant have not weakened the public-private partnership model for critical infrastructure assets.
Although the purchase price of the Tuaspring plant is, based on current valuation, likely to be negative, the minister also reiterated that PUB is willing to waive the compensation it would be owed, and take over the plant at no extra cost to Hyflux.“Let me be clear, therefore. PUB’s action do not weaken either TPL or Hyflux, and do not disadvantage those who have invested in Hyflux.
“We do not exercise these termination rights lightly, but will not hesitate to do so when it becomes necessary to safeguard our water security.” Lee Bee Wah asked how the minister justified using taxpayers’ money to take over Tuaspring, an asset with a negative valuation, from Hyflux. “And therefore we have made the decision that, because we are likely not to get anything from claiming the compensation, we have decided to not claim the compensation.”
“Well, our duty is to ensure water security and to ensure that we take all the necessary steps within its contractual right primarily to protect Singapore’s water security. So we’ve done that.”
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