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Petronas & JX Nippon agree on equity interest

The Petronas LNG complex in Bintulu.

The Petronas LNG complex in Bintulu.

Syndicated News
Written by Syndicated News

The equity interest is in Petronas LNG 9 Sdn. Bhd.

KUALA LUMPUR — June 3, 2016: Petronas and JX Nippon Oil & Energy (JX NOE) have signed an agreement for the sale and purchase of equity in Petronas LNG 9 Sdn. Bhd. (PL9SB), a wholly-owned subsidiary of the national oil company.

Under the agreement, JX NOE will buy a 10 per cent stake in PL9SB, which owns the ninth LNG liquefaction train within the Petronas LNG complex in Bintulu. The train, with a production capacity of 3.6 million tonnes per annum, is expected to commence commercial operations in the first quarter of next year.

The signing held here yesterday was attended by Petronas President & Group Chief Executive Datuk Wan Zulkiflee Wan Ariffin and JX NOE President, Tsutomu Sugimori.

“This sale demonstrates Petronas’ ongoing commitment to grow our LNG business with the support of trusted partners,” said Wan Zulkiflee. “JX NOE has played a key role in the development of MLNG Tiga Sdn. Bhd. and we look forward to their similar contribution to PL9SB.”

JX NOE’s entry into PL9SB marks its second participation in the Petronas LNG projects, in addition to its existing 10 per cent equity interest in MLNG Tiga Sdn. Bhd.

With the addition of the state-of-the-art liquefaction plant owned by PL9SB, the Petronas LNG complex will now have the capacity to produce approximately 30 million tonnes per annum to further cement its position as a leading and reliable LNG supplier.

A marketing support agreement was also signed between Petronas LNG Limited and JX NOE. — Bernama

 

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