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MLNG TIGA SECURES FINANCING FOR PROJECT
Malaysia LNG Tiga Sdn Bhd (MLNG Tiga) is pleased to announce that it has secured two loans totalling US$816 million to part finance the construction of its liquefied natural gas (LNG) plant and related facilities in Bintulu, Sarawak.
The loans comprise a US$651 million 13-year Overseas Investment Credit Facility provided by the Japan Bank for International Cooperation (JBIC) and a US$165 million 8.5-year Term Loan Facility provided by a syndicate of seven international commercial banks, namely The Industrial Bank of Japan Ltd (Labuan), The Bank of Tokyo Mitsubishi Ltd (Labuan), Sakura Bank Ltd (Labuan), Tokai Bank Ltd (Labuan), Citibank Malaysia (Labuan) Ltd, Fuji Bank Ltd (Labuan) and Dai-ichi Kangyo Bank Ltd (Labuan). The agreements for the two loans were signed in Kuala Lumpur today. (more…)
PETRONAS CARIGALI STRIKES GAS AT TWO WELLS OFFSHORE SARAWAK
Petroliam Nasional Bhd (PETRONAS), in its continuous efforts to increase Malaysia’s petroleum reserves base, is pleased to announce that its wholly-owned exploration and production arm PETRONAS Carigali Sdn Bhd, has discovered gas at two wells offshore Sarawak.
The two wells, whose production tests flowed gas at a combined rate of 75.4 million standard cubic feet (SCF) of gas per day, were the results of PETRONAS Carigali’s drilling activities so far for this year.
The first discovery well, the F38.1, is in Block SK310, which is an open acreage in the Central Luconia Province offshore Sarawak. The well is located about 160 kilometres north of Bintulu in a water depth of 90 metres. It was drilled to a depth of 3,000 metres, encountering about 426.7 metres of gas column. Two production tests carried out at the well flowed at a cumulative rate of 50.5 million SCF of gas and 224 barrels of hydrocarbon liquid per day. The well was drilled by a semi-submersible rig using a slim-hole well design, allowing PETRONAS Carigali to reduce both the drilling time and cost by about 20 percent. (more…)
MLNG TIGA SIGNS SALE AND PURCHASE AGREEMENT WITH
Malaysia LNG Tiga Sdn Bhd (MLNG Tiga) today signed a Sale and Purchase Agreement with Tohoku Electric Power Co Inc to supply up to 900,000 tonnes of liquefied natural gas (LNG) per year to the latter for 20 years beginning from 2005.
The LNG will be supplied from MLNG Tiga’s plant in Bintulu, Sarawak, and will be delivered to Tohoku Electric by LNG tankers owned by Malaysia International Shipping Corporation Bhd (MISC), a subsidiary of PETRONAS. The LNG will be transported from Malaysia’s LNG loading terminal at Bintulu to the LNG receiving terminal at Seiro-machi, Kitakanbara-gun, in the Niigata Prefecture in Japan. (more…)