Petroliam Nasional Berhad (PETRONAS) and Japan's JX Nippon Oil & Energy (JX NOE) signed an agreement Thursday for the sale and purchase of equity in PETRONAS LNG 9 Sdn Bhd (PL9SB), a wholly-owned subsidiary of PETRONAS, the Malaysian national oil company (NOC) announced Friday.
JX NOE will acquire a 10 percent stake in PL9SB, owner of the ninth liquefied natural gas (LNG) liquefaction train within the PETRONAS LNG Complex in Bintulu, Sarawak, Malaysia. The train, with a production capacity of 3.6 million tons per annum, is expected to commence commercial operations in the first quarter of 2017.
“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 Sdn Bhd and we look forward to their similar contribution to PL9SB,” PETRONAS CEO Wan Zulkiflee Wan Ariffin said.
JX NOE’s entry into PL9SB marks its second participation in PETRONAS’ LNG projects, in addition to its existing 10 percent equity interest in MLNG Tiga Sdn Bhd.
“We would like to thank PETRONAS for choosing JX NOE as a trusted partner. We are committed to work together for the future growth of LNG business,” JX NOE President Tsutomu Sugimori said.
The additional liquefaction plant owned by PL9SB meant that the PETRONAS LNG Complex will now have the capacity to produce approximately 30 million tons per annum to further cement the Malaysian NOC’ position as a leading and reliable LNG supplier. In a related developmet, PETRONAS LNG Ltd. and JX NOE signed a marketing support agreement.
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