ENEOS to Re-Enter Malaysian LNG Project with 10 Percent Stake

Petroliam Nasional Bhd (Petronas) has signed a deal to give returning investor ENEOS Group a 10 percent ownership in Malaysia LNG (MLNG) Tiga Sdn Bhd.

The agreement gives the Japanese energy company a 10-year stake in the facility in Sarawak state, after ENEOS' previous participation expired 2023. ENEOS' operated SK-10 Block is among offshore reservoirs supplying feed gas to the liquefaction project.

"With Asia at the center of global LNG demand growth, stable supply and long-term partnerships remain fundamental to economic resilience across the region", Tengku Muhammad Taufik, president and chief executive of Malaysia's state-owned Petronas, said in an online statement. "The collaboration with ENEOS, which now spans three decades, reflects that long-term conviction, one that continues to serve the energy interests of both nations well into the decades ahead".

ENEOS Xplora president Yasuhiko Oshida said, "MLNG Tiga has been a project that has steadily supplied LNG to Japanese buyers since commencing operations in 2003, under the cooperation between our group and Petronas".

"While further strengthening our partnership with Petronas, we will also work closely with our fellow shareholders - the Sarawak State Government and Mitsubishi Corp - to pursue new value creation during the energy transition", Oshida added.

ENEOS Xplora said, "In Malaysia, in addition to the re-entry into MLNG Tiga, we continue to expand its [ENEOS] presence through the SK-10 Block gas fields development and production project - whose production sharing contract was extended in June last year - and our participation in the LNG liquefaction plant operated by Petronas LNG 9 Sdn Bhd, in which we have participated since 2016".

In 2024 diversified Japanese company Mitsubishi extended its 10 percent stake each in MLNG Tiga and another facility in the Petronas LNG complex in Sarawak's Bintulu district.

"The agreements outlined Mitsubishi Corp’s investment in the Malaysia LNG Dua and MLNG Tiga for the next decade with the extension of its 10 percent equity shareholding in MLNG Dua, and the reinvestment of a 10 percent equity shareholding in MLNG Tiga", said a joint statement September 27, 2024. The other two facilities are MLNG and Petronas LNG 9.

According to the statement, the Mitsubishi deals secure continued supply for Japan from the nine-train project, which has a total capacity of 29.3 million metric tons a year. The Petronas LNG complex has been supplying Japan since 1983, according to Petronas.

ENEOS Xplora recently took over the ENEOS Group's overseas gas liquefaction activities, LNG procurement business, and LNG receiving terminal and gas pipeline operations in Japan. These had been under ENEOS Corp.

"ENEOS Group positions the natural gas business as a growth strategy that contributes to enhancing corporate value by having Xplora centrally manage the natural gas business from upstream development to downstream operations, including sales", the group said in an online statement November 12, 2025. "This will enable the optimization of resource allocation and allow us to focus more intensively on this business".

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