KOTA KINABALU: Sabah has formalised the acquisition of 25 per cent equity in PETRONAS PFLNG 3 Sdn Bhd, a move that further strengthened the synergy between the national petroleum company and the state, said Chief Minister Datuk Seri Panglima Haji Hajiji Haji Noor.
“Not only will it further strengthen the synergy between PETRONAS and Sabah, but it will also unlock potential for similar collaborations in the future,” he said.
Sabah, through SMJ Energy Sdn Bhd (SMJ Energy), entered into definitive agreements with PETRONAS LNG Sdn Bhd, a subsidiary of PETRONAS, to formalise the acquisition of a 25 per cent equity interest in PETRONAS PFLNG 3 Sdn Bhd, also known as ZLNG, here today.
This was a follow-up to the signing of the Heads of Agreement of the proposed acquisition witnessed by the Chief Minister and PETRONAS President and Group CEO Tan Sri Tengku Muhammad Taufik in Kuala Lumpur on July 17 this year.
PETRONAS PFLNG 3 is developing the USD3.1 billion nearshore floating liquefied natural gas (FLNG) facility at the Sipitang Oil & Gas Industrial Park (SOGIP).
Expected to commence in the second half of 2027, the PFLNG 3 is designed with a production capacity of 2 million tonnes per annum (2.0 MTPA).
This strategic investment is the latest addition to the existing diversified portfolio of SMJ Energy as the company now holds 50 per cent participating interest in the Samarang Production Sharing Contract, 10 per cent equity interest in PETRONAS LNG 9 Sdn Bhd, 25 per cent equity interest in PETRONAS Chemicals Fertiliser Sabah Sdn Bhd (SAMUR petrochemical plant) and full ownership of Sabah International Petroleum Sdn Bhd (SIP), which operates both FPSO and FSO assets.
SMJ Energy also holds free carry and back-in rights in exploration blocks SB409 (20%), SB403 (20%), SB306A (15%), and SB306B (15%).-pr/BNN
