SABAH FORMALISES 25 PCT STAKE IN PETRONAS PFLNG 3

KOTA KINABALU, Oct 31 (Bernama) -- Sabah has formalised its 25 per cent equity acquisition in PETRONAS PFLNG 3 Sdn Bhd, further strengthening collaboration between the state and the national oil company, said Chief Minister Datuk Seri Hajiji Noor.

In a statement today, he said the acquisition, carried out through SMJ Energy Sdn Bhd and PETRONAS LNG Sdn Bhd, a subsidiary of PETRONAS, not only reinforces the synergy between PETRONAS and Sabah but also opens avenues for similar partnerships in the future.

Hajiji said PETRONAS PFLNG 3 is developing a US$3.1 billion nearshore floating liquefied natural gas (FLNG) facility at the Sipitang Oil and Gas Industrial Park (SOGIP).

“Scheduled to begin operations in the second half of 2027, PFLNG 3 is designed with a production capacity of two million tonnes per annum,” he said.

The formalisation follows the signing of a Heads of Agreement for the proposed acquisition, witnessed by the Chief Minister and PETRONAS President and Group Chief Executive Officer Tan Sri Tengku Muhammad Taufik, in Kuala Lumpur on July 17 this year.

Hajiji said the strategic investment adds to SMJ Energy’s expanding portfolio, which currently includes a 50 per cent participation interest in the Samarang Production Sharing Contract and a 10 per cent equity in PETRONAS LNG 9 Sdn Bhd.

It also has a 25 per cent equity in PETRONAS Chemicals Fertiliser Sabah Sdn Bhd (SAMUR) and full ownership of Sabah International Petroleum Sdn Bhd (SIP), which operates assets including (floating production storage and offloading (FPSO) and floating storage and offloading (FSO) vessels.

-- BERNAMA