Petronas, SMJ Energy Ink 25% Equity Deal for Sabah Floating LNG Project

Petronas and SMJ Energy signed an agreement for SMJ to acquire a 25% stake in the PFLNG 3 project, a floating LNG facility planned for Sabah’s Sipitang Oil & Gas Industrial Park.

(P&GJ) — PETRONAS, through its subsidiary PETRONAS LNG Sdn. Bhd. (PLSB), has signed a Heads of Agreement (HoA) with SMJ Energy Sdn. Bhd. to formalize a 25% equity stake for SMJ in the PFLNG 3 project company.

The HoA was signed by SMJ Energy CEO Datuk Dr. Dionysia Aloysius Kibat (second from right) and PLSB CEO Shamsairi M Ibrahim (fifth from right), in the presence of Sabah Chief Minister Datuk Seri Panglima Haji Hajiji Haji Noor (third from right) and PETRONAS President and Group CEO Tan Sri Tengku Muhammad Taufik (fourth from right).

PFLNG 3 Sdn. Bhd. is developing a new shore-based floating liquefied natural gas (LNG) facility at the Sipitang Oil & Gas Industrial Park (SOGIP) in Sabah. The agreement, signed on July 17, marks a key step in expanding PETRONAS’ collaboration with the Sabah State Government.

“This marks a significant step forward in strengthening PETRONAS’ long-standing partnership with the Sabah State Government and the responsible development of resources in the state,” PETRONAS said.

The signing ceremony included SMJ Energy CEO Datuk Dr. Dionysia Aloysius Kibat and PLSB CEO Shamsairi M Ibrahim. Sabah Chief Minister Datuk Seri Panglima Haji Hajiji Haji Noor and PETRONAS President and Group CEO Tan Sri Tengku Muhammad Taufik were present at the event.

The equity acquisition will be finalized through definitive agreements following the HoA.