Malaysia’s Petroliam Nasional (Petronas) and Japanese-based JX Nippon Oil & Energy (JX NOE) have signed an agreement for the sale and purchase of interest in Petronas’ wholly-owned subsidiary Petronas LNG 9 (PL9SB).
As part of the deal, JX NOE will purchase a 10% stake in PL9SB, which owns the ninth LNG liquefaction train within the Petronas LNG Complex in Bintulu, Sarawak, Malaysia.
The train has a production capacity of 3.6 million tonnes per year and is expected to begin commercial operations in the first quarter of next year.
Petronas president and group CEO Datuk Wan Zulkiflee said: "This sale demonstrates Petronas’ ongoing commitment to grow our LNG business with the support of trusted partners.
"JX NOE has played a key role in the development of MLNG Tiga and we look forward to their similar contribution to PL9SB."
The company’s entry into PL9SB represents its second participation in Petronas’ LNG projects, in addition to its existing 10% interest in MLNG Tiga.
The Petronas LNG complex will now have the capacity to produce about 30 million tonnes per year, following the addition of the new PL9SB liquefaction plant.
Petronas LNG and JX NOE have also signed a marketing support agreement.
Petronas is fully owned by the Malaysian government and engaged in a wide spectrum of oil and gas operations, both domestically and internationally.
The principal business of JX NOE is refining and marketing.
Image: Petronas president and CEO Datuk Wan Zulkiflee exchanging documents with JX NOE representative director and president Tsutomu Sugimori. Photo: © JX Nippon Oil & Energy Corporation.
