JX Nippon Oil & Energy (JX NOE) has announced that it has signed an agreement with Petronas regarding the sale and purchase of equity in a wholly-owned subsidiary of Petronas – Petronas LNG 9 Sdn Bhd (PL9SB). The agreement states that JX NOE will purchase a 10% stake in the subsidiary, which owns the ninth LNG train of the Petronas LNG facility in Bintulu, Sarawak, Malaysia. The train has a production capacity of 3.6 million tpy, and is scheduled to start commercial operations in 1Q17. Both companies also signed a marketing support agreement.
The President and Group CEO of Petronas, Datuk Wan Zulkiflee Wan Ariffin, 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 Sdn Bhd and we look forward to their similar contribution to PL9SB.”
The Representative Director and Preisdent of JX NOE, Tsutomu Sugimori, added: “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.
“As an integrated energy conversion company, JX NOE will continue to strive for the stable supply of energy.”
JX NOE’s entry into PL9SB marks the second time that the company has participated in a Petronas LNG project; the first being its current 10% equity interest in MLNG Tiga Sdn Bhd.
With the new plant owned by PL9SB, Petronas’ LNG complex will have a total production capacity of 30 million tpy.
Edited from press release by David Rowlands
Read the article online at: https://www.lngindustry.com/liquefaction/03062016/jx-noe-purchases-stake-in-lng-train-from-petronas-2545/