Since its Sai Kung-resident founder died, Energy World Corporation has slumped — at least in market capitalisation. Now A$58 million it is down from A$800 million when Stewart Elliott was at the height of his success. Stewart, a self-made multimillionaire who was charmingly modest, died in July last year of a blood condition.
EWC is now led by a former banker Brian Allen as Chairman and CEO. Stewart’s son Graham is on the board. His mother Pam continues to live on Tai Mong Tsai Rd in the seaside house that is probably the most valuable in Sai Kung. It has wrought-iron gates and white lions at the roadside.
Stewart built EWC from nothing. Now the energy producer and trader is involved in:
- Developing the Philippines’ first LNG hub terminal
- Developing a 650MW combined cycle gas-fired power plant in the Philippines
- Developing a 2mtpa LNG liquification plant at Sengkang, Indonesia
- Ownership of a 50% share of Sengkang gas fields
- Ownership of gas fields in Australia
- Developing a 56,000tpa LNG liquification plant in Australia and an 8MW power plant and LNG plant at Alice Springs, Australia.
Absent the energy and drive of founder Stewart Elliott, the company is languishing. The Australian projects are small and based on the last report we have seen, only Sengkang is making money. EWC’s share price has slid to A$0.023.
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