MALAYSIA-BRAZIL PARTNERSHIP INSTRUMENTAL FOR YINSON’S SUCCESS

From M Saraswathi

RIO DI JANEIRO (Brazil), Nov 18 (Bernama) -- Global energy and infrastructure technology company, Yinson Holdings Bhd has credited the unwavering support from the Brazilian and Malaysian governments, saying that it has been instrumental to its success.

“We are truly grateful for the trust and cooperation we have built together,” said group chief executive officer, Lim Chern Yuan.

He added that the group’s subsidiary, Yinson Production Pte Ltd, a leading owner and operator of floating storage, production and offloading (FPSO) vessels worldwide, is deeply committed to contributing to Brazil's energy future.

“We are uniquely positioned to benefit from a robust market outlook, as Brazil is the largest market for FPSO units,” said Lim.

He said this during an event to commemorate Yinson's FPSO unit, Maria Quitéria, achieving its first oil production on Oct 15, 2024.

The milestone event marked the commencement of the project’s firm charter, under which contracted day rates will be paid to the group's unit, Yinson Production, for a period of 22.5 years until 2047.

The event was attended by Prime Minister Datuk Seri Anwar Ibrahim, who was on an official visit to Brazil.

In his speech, Anwar said that Malaysian investments in Brazil was one of the topics discussed during his meeting with Brazilian President Luiz Inacio Lula da Silva.

He added that the Da Silva has given his strong assurance that the nation will continue to give its support to Malaysia, particularly now when Malaysia wants to expand its horizon in terms of bilateral relations.

Also present Foreign Minister Datuk Seri Mohamad Hasan and Minister of Investment, Trade and Industry, Tengku Datuk Seri Zafrul Aziz.

FPSO Maria Quitéria is the second asset delivered by Yinson Production for its client, Petrobras, following the delivery of FPSO Anna Nery in May 2023.

FPSO Maria Quitéria has a production capacity of 100,000 barrels of oil per day (bpd) and a storage capacity of one million barrels.

Lim said the group is looking forward to many more years of impactful contributions that will strengthen the bond and support Brazil's energy transformation.

In 2023, Brazil, the largest country in South America, was Malaysia’s 20th largest trading partner, 29th largest export destination, and 17th largest import source. 

Among Latin American and Caribbean countries, Brazil is Malaysia’s second-largest trading partner, second-largest export destination, and largest import source.

-- BERNAMA