From left: PETRONAS Gas head of project development Noor Azzyati Ariffin, managing director and CEO Abdul Aziz Othman, Pengerang LNG (Two) CEO Hisham Maaulot, MISC VP of gas assets and solutions (GAS) Hazrin Hasan, VP of finance Raja Azlan Shah Raja Azwa, and head of new ventures and technology (GAS) Wong Zun Haur
KUALA LUMPUR: MISC Bhd
has entered into a heads of agreement with Pengerang LNG (Two) Sdn Bhd, a subsidiary of Petronas Gas Bhd, for the supply, operation and maintenance of a liquefied natural gas (LNG) floating storage unit (FSU) for deployment at the PETRONAS LNG Regasification Terminal Pengerang (RGTP) in Johor.
In a filing with Bursa Malaysia, MISC said the project has an estimated contract value of up to US$213.7mil and is valid for 20 years from the expected operation date of 2025 and may be extended upon mutual agreement.
The company said it would convert one of its Puteri Satu Class LNG carriers, namely Puteri Delima Satu, which completed its long-term charter in early 2023 and currently lay-up, into the FSU.
This project is a continuation of the collaboration between MISC and PETRONAS Gas in 2012 that brought about the successful deployment of FSU Tenaga Satu and FSU Tenaga Empat at the LNG Regasification Terminal Sungai Udang, Melaka, it added in a statement.
“This partnership represents more than just a new chapter in our collaboration; it embodies the essence of progress and shared commitment between the two parties.
"By repurposing and redeploying our existing assets and drawing on our experience from operating FSU Tenaga Satu and FSU Tenaga Empat, we are not only creating a revenue-generating opportunity but also driving better shareholder returns," said MISC vice-president of gas assets and solutions (GAS) Hazrin Hasan.
