Offshore Oil & Gas Future Development

Petroliam Nasional Berhad (PETRONAS) has agreed to acquire an additional 24.4 per cent interest in Putrajaya Holdings Sdn Bhd (Putrajaya Holdings) comprising 537,000 shares of RM1,000 each from Khazanah Nasional Berhad (Khazanah) valued at RM666,062,580. The acquisition will increase PETRONAS’ shareholding in Putrajaya Holdings, the developer of the new Federal Government administrative centre in Putrajaya, from 40 per cent to 64.4 per cent.

The acquisition will be satisfied through a transfer of 84,707,120 ordinary shares of RM1 each in Perusahaan Otomobil Nasional Berhad (Proton) currently held by PETRONAS to Khazanah at RM7.87 per share amounting to RM666,645,034.40. Khazanah will pay the balance of RM582,454.40 to PETRONAS in cash. (more…)

Petroliam Nasional Berhad (PETRONAS) has agreed to acquire an additional 24.4 per cent interest in Putrajaya Holdings Sdn Bhd (Putrajaya Holdings) comprising 537,000 shares of RM1,000 each from Khazanah Nasional Berhad (Khazanah) valued at RM666,062,580. The acquisition will increase PETRONAS’ shareholding in Putrajaya Holdings, the developer of the new Federal Government administrative centre in Putrajaya, from 40 per cent to 64.4 per cent.

The acquisition will be satisfied through a transfer of 84,707,120 ordinary shares of RM1 each in Perusahaan Otomobil Nasional Berhad (Proton) currently held by PETRONAS to Khazanah at RM7.87 per share amounting to RM666,645,034.40. Khazanah will pay the balance of RM582,454.40 to PETRONAS in cash. (more…)

Malaysia LNG Tiga Sdn Bhd, a subsidiary of PETRONAS, today signed a sale and purchase agreement (SPA) with a consortium comprising Tokyo Gas Co Ltd, Toho Gas Co Ltd and Osaka Gas Co Ltd to supply up to 1.6 million tonnes a year of liquefied natural gas (LNG) to the consortium for 20 years beginning from 2004. At current prices, the contract is valued at about US$6 billion.

The LNG will be supplied to the consortium from MLNG Tiga’s plant — which is Malaysia’s third LNG production facility at the Bintulu LNG Complex, Sarawak — by tankers owned by Malaysia International Shipping Corporation Bhd (MISC), a subsidiary of PETRONAS. The LNG will be transported from Malaysia’s loading terminal at Bintulu to receiving terminals in Tokyo, Nagoya and Osaka in Japan.

MLNG Tiga is a joint venture between PETRONAS (60 per cent), the Sarawak State Government (10 percent), Shell Gas BV (15 percent), Nippon Oil LNG (Netherlands) BV (10 per cent) and Diamond Gas Netherlands BV (5 per cent). The MLNG Tiga plant will comprise two liquefaction trains with an annual production capacity of 3.4 million tonnes each and is scheduled to begin commercial operations in early 2003. (more…)

Malaysia LNG Tiga Sdn Bhd, a subsidiary of PETRONAS, today signed a sale and purchase agreement (SPA) with a consortium comprising Tokyo Gas Co Ltd, Toho Gas Co Ltd and Osaka Gas Co Ltd to supply up to 1.6 million tonnes a year of liquefied natural gas (LNG) to the consortium for 20 years beginning from 2004. At current prices, the contract is valued at about US$6 billion.

The LNG will be supplied to the consortium from MLNG Tiga’s plant — which is Malaysia’s third LNG production facility at the Bintulu LNG Complex, Sarawak — by tankers owned by Malaysia International Shipping Corporation Bhd (MISC), a subsidiary of PETRONAS. The LNG will be transported from Malaysia’s loading terminal at Bintulu to receiving terminals in Tokyo, Nagoya and Osaka in Japan. (more…)