Malaysia’s Petroliam Nasional Bhd. (Petronas), through its subsidiary Petronas LNG Sdn. Bhd. (PLSB), has signed a heads of agreement (HoA) with SMJ Energy Sdn. Bhd. that formalizes the terms for SMJ Energy’s 25 percent equity participation in PFLNG 3 Sdn. Bhd.
Petronas said in a media release the new agreement is a “significant step forward” in its efforts to strengthen its partnership with Sabah’s state government. Dionysia Aloysius Kibat, SMJ Energy CEO, and Shamsairi M Ibrahim, PLSB CEO, signed the agreement.
PFLNG 3 is the project company tasked with the upcoming shore-based floating liquefied natural gas (LNG) facility in the Sipitang Oil and Gas Industrial Park (SOGIP) in Sabah.
The PFLNG 3 is Petronas’ third FLNG facility. According to the company, it is the first nearshore FLNG facility in the world. The facility will produce up to 2 million tonnes of LNG per annum and is scheduled to start production in 2027.
The engineering, procurement and construction contracts have gone to JGC Holdings Corp. and Samsung Heavy Industries.
The proposed equity acquisition will be implemented via definitive agreements to be finalized following the HoA, Petronas said.
Earlier this month, Petronas formalized several key agreements with the state of Sabah through its unit, Malaysia Petroleum Management. These deals are part of the Commercial Collaboration Agreement that Petronas signed with the state government in 2021. The collaboration agreement aims for a long-term and structured approach to securing a reliable gas supply for the state’s expanding domestic demand, while enabling sustainable industrial growth, according to Petronas.
Both Petronas and SMJ Energy are part of the task force that developed the Sabah Gas Strategy.
To contact the author, email andreson.n.paul@gmail.com
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