Petronas and ENEOS Xplora Sign 10% Stake Agreement in MLNG Tiga Plant
ENEOS Xplora’s Strategic Re-Entry into MLNG Tiga
KUALA LUMPUR, April 30 (Reuters) - Malaysia's state energy firm Petronas said it has signed definitive agreements with Japan's ENEOS Xplora to formalise ENEOS' re-entry into Malaysia LNG Tiga (MLNG Tiga), its Sarawak-based liquefied natural gas joint venture.
Details of the Stake Agreement
ENEOS will hold a 10% equity stake in MLNG Tiga for the next decade, subject to the fulfilment of certain closing conditions, Petronas said in a statement on Thursday.
Background of the Joint Venture
• The previous MLNG Tiga Joint Venture Agreement expired in 2023.
Significance of ENEOS’ Re-Entry
• The re-entry of ENEOS into MLNG Tiga "reflects shared confidence in the asset's resilience and long-term role within Asia's LNG landscape," said Adif Zulkifli, executive vice president of Petronas and chief executive officer of its gas and maritime business.
Petronas’ Commitment to LNG Value
• "It also reinforces Petronas' focus on building a reliable LNG system that continues to deliver value to customers and partners, particularly in important markets such as Japan," he said.
ENEOS Xplora’s Perspective
• ENEOS Xplora's representative director and president Yasuhiko Oshida was quoted as saying that they were pleased to participate in the project again, as MLNG Tiga has steadily supplied LNG to Japanese buyers since commencing operations in 2003.
Editorial Information
(Reporting by Ashley Tang; Editing by David Stanway)
