|
|
PETRONAS RE-OPENS 10- AND 20-YEAR GLOBAL BONDS
PETRONAS, through wholly-owned subsidiary PETRONAS Capital Limited, has successfully raised an additional US$950 million through the re-opening of its 10- and 20-year Global Bond offerings completed last May, bringing the total amount raised to about US$3.65 billion equivalent - the largest ever issue to have been concluded by an Asian corporation in the international market.
PETRONAS returned to the market after its highly successful issue last May to take advantage of the current favourable market conditions, particularly with US interest rates at a record low. By raising low cost financing, the company will be able to reduce its weighted average cost of capital and extend its debt maturity profile. The transaction demonstrated PETRONAS’ ability to repeatedly raise sizeable financing in a volatile market. (more…)
MLNG TIGA TO SUPPLY LIQUEFIED NATURAL GAS TO KOREA GAS CORPORATION
Malaysia LNG Tiga Sdn Bhd, a subsidiary of PETRONAS, today signed a sale and purchase agreement (SPA) with Korea Gas Corporation (KOGAS) to supply up to two million tonnes per annum (mtpa) of liquefied natural gas (LNG) for seven years to the South Korean LNG importer. At current price, the contract is valued at about US$3.2 billion.The LNG will be delivered to KOGAS beginning from this month from MLNG Tiga’s plant, which is Malaysia’s third LNG production facility at the PETRONAS LNG Complex in Bintulu, Sarawak. The LNG will be shipped by tankers owned by Malaysia International Shipping Corporation Bhd to KOGAS’ receiving terminals in Incheon, Pyeong Taek and Tong Young in South Korea.
KOGAS, whose current customers include Korea Electric Power Corporation and city gas companies, is already importing up to two million tonnes of LNG annually from Malaysia, supplied under a 20-year contract with Malaysia LNG Sdn Bhd. The LNG for this contract is sourced from Malaysia LNG Dua Sdn Bhd’s plant. (more…)
MLNG TIGA TO SUPPLY LIQUEFIED NATURAL GAS TO KOREA GAS CORPORATION
Malaysia LNG Tiga Sdn Bhd, a subsidiary of PETRONAS, today signed a sale and purchase agreement (SPA) with Korea Gas Corporation (KOGAS) to supply up to two million tonnes per annum (mtpa) of liquefied natural gas (LNG) for seven years to the South Korean LNG importer. At current price, the contract is valued at about US$3.2 billion.
The LNG will be delivered to KOGAS beginning from this month from MLNG Tiga’s plant, which is Malaysia’s third LNG production facility at the PETRONAS LNG Complex in Bintulu, Sarawak. The LNG will be shipped by tankers owned by Malaysia International Shipping Corporation Bhd to KOGAS’ receiving terminals in Incheon, Pyeong Taek and Tong Young in South Korea. (more…)
PRIME MINISTER OPENS PETRONAS LIQUEFIED NATURAL GAS COMPLEX IN BINTULU
The Prime Minister of Malaysia Dato Seri Dr Mahathir Mohamad today officially opened the PETRONAS Liquefied Natural Gas (LNG) Complex in Bintulu, Sarawak. The opening ceremony of the complex was also attended by several Federal Government Ministers, the Chief Minister of Sarawak Datuk Patinggi Tan Sri Abdul Taib Mahmud and other State officials, PETRONAS Chairman Tan Sri Dato’ Seri Azizan Zainul Abidin, PETRONAS President & Chief Executive Officer Tan Sri Dato’ Mohd Hassan Marican and senior officials of PETRONAS’ joint-venture partners.The Complex, comprising three gas liquefaction plants and other related facilities, has been conceptualised and developed over the past 20 years by PETRONAS — with the support from its joint venture partners — as an integrated world-class LNG production complex. With a total of eight production trains and a combined production capacity of about 23 million tonnes per annum (MTPA), the Complex is set to become the world’s largest LNG production facility at a single site when the third plant’s second production line comes onstream in October.
The development of the Complex was undertaken to monetise and add value to the gas reserves discovered in Central Luconia offshore Sarawak. To date, a total of RM37.5 billion has been invested in the upstream and downstream portions of the project as well in related LNG transportation and supporting facilities. Of this total, about RM25 billion came in the form of foreign direct investment. (more…)
PRIME MINISTER OPENS PETRONAS LIQUEFIED NATURAL GAS COMPLEX IN BINTULU
The Prime Minister of Malaysia Dato Seri Dr Mahathir Mohamad today officially opened the PETRONAS Liquefied Natural Gas (LNG) Complex in Bintulu, Sarawak. The opening ceremony of the complex was also attended by several Federal Government Ministers, the Chief Minister of Sarawak Datuk Patinggi Tan Sri Abdul Taib Mahmud and other State officials, PETRONAS Chairman Tan Sri Dato’ Seri Azizan Zainul Abidin, PETRONAS President & Chief Executive Officer Tan Sri Dato’ Mohd Hassan Marican and senior officials of PETRONAS’ joint-venture partners. (more…)