PTT Global LNG To Acquire 10% Interest In PL9SB From Petronas For US$500 Million

Published: Jul 27 2017
Deal Summary

PTT Global LNG Company Limited (PTTGL), a LNG company, through its subsidiary PTTGL Investment Limited (PTTGLI), signed an agreement to acquire a 10% stake in Petronas LNG 9 Sdn. Bhd. (PL9SB), a company that owns the ninth LNG liquefaction train (Train 9), from Petroliam Nasional Berhad (Petronas), an oil and gas company, for a purchase consideration of MYR2,140 million (MM) (US$500 MM).

The Train 9 is located in the Petronas LNG complex in Bintulu, Sarawak, Malaysia. The production capacity of the facility is 3.6 mtpa of LNG. The operation of the facility was started on January 1, 2017.

PTTGL is a 50:50 joint venture of PTT Public Company Limited (PTT) and PTT Exploration and Production Public Company Limited (PTTEP).

Currently, the partners in PL9SB are Petronas (90%) and JXTG Nippon Oil & Energy Corporation (10%). Following the completion of the transaction, the partners in PL9SB will be Petronas (80%), JXTG Nippon (10%) and PTTGL (10%).

The transaction will enable PTTGL to expand its business operations to Malaysia.

The transaction is expected to be completed in September 2017.

Datuk Mohd Anuar Taib, vice-president and CEO of Petronas, said, “This strategic partnership demonstrates PETRONAS’ ongoing commitment to grow our LNG business and more importantly pave ways for both parties to collaborate further in strengthening and maximising the integrated oil & gas value chain. This collaboration with PTT is also a catalyst for PETRONAS’ growth in the Thai gas market, as part of our long-term gas business strategy.”

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