KUALA LUMPUR, May 5 — Petronas Gas Bhd (PGB) has issued a letter of award to MISC Bhd for the supply, operation and maintenance of a newbuild floating storage and regasification unit (FSRU) for the Third Regasification Terminal (RGT-3) in Lumut, Perak.
In a Bursa Malaysia filing, PGB said the RGT-3 will be developed based on the FSRU concept, whereby the liquefied natural gas (LNG) storage and regasification processes will be on the FSRU.
The regasified LNG will then be transported via a connecting pipeline from RGT-3 onshore & berthing facilities to the Peninsular Gas Utilisation system.
“RGT-3 is designed with LNG storage capacity of 170,000 cubic metres and regasification send-out capacity of 500 million standard cubic feet per day (MMscfd),” said PGB, adding that the transaction will enhance the capacity and flexibility of the gas supply network to meet the nation’s evolving demand requirements.
PGB added that the transaction does not have any effect on the issued and paid-up capital and its substantial shareholdings, and the RGT-3 development is currently planned to be funded through a combination of debt and equity.
Meanwhile, MISC said in a separate filing that it had entered into a shipbuilding contract with Samsung Heavy Industries Co Ltd for the construction of one newbuild FSRU for the project.
The project would be for a firm period of 20 years, with commencement expected in 2029, and the FSRU services would be provided through its wholly owned subsidiary to PGB or its subsidiary.
“The project marks MISC’s entry into the FSRU segment, leveraging its technical and operational expertise in LNG carriers and floating storage units.
“The undertaking of the project strengthens MISC’s position in pursuing flexible and scalable LNG import opportunities globally,” said MISC.
The project also reinforces its strategic collaboration with the Petroliam Nasional Bhd group in supporting Malaysia’s energy infrastructure development.
MISC announced that the project is not anticipated to affect the share capital or the shareholding structure of its substantial shareholders. Additionally, it is not expected to have a significant impact on the financial position of the MISC group.
Both companies said the transaction and project are not subject to shareholders’ approval.
