Bank Pembangunan, Exim Bank jointly provide financing for Duta Marine FSO project
KUALA LUMPUR: Bank Pembangunan Malaysia Bhd (BPMB) and Export-Import Bank of Malaysia Bhd (Exim Bank), both part of the BPMB group, today formalised a milestone financing deal with Duta Marine Sdn Bhd for the FSO Permata Dulang Project.
In a joint statement, the two banks said this marked their first joint transaction following the merger, reflecting the strengthened synergy and unified strategic direction within the group.
They said the financing supports the conversion of an oil tanker into a floating storage and offloading (FSO) vessel.
'The new vessel would replace the ageing FSO Puteri Dulang and ensure continued offshore storage and offloading capabilities for the Dulang Field, an oil production site that has been operational for over 40 years,' they said.
The facility structure saw BPMB extending RM555 million while Exim Bank contributing US$37 million (RM156 million) in Islamic facilities, to support the oil tanker's purchase, modification, refurbishment, and mobilisation.
'By ensuring continuity of offshore energy operations, the transaction plays a vital role in maintaining infrastructure reliability and supporting long-term national energy resilience,' they said.
Exim Bank was appointed as the exclusive arranger to support Duta Marine's charter contract with Petronas Carigali Sdn Bhd, reflecting confidence in Exim Bank's capabilities in structuring and coordinating complex financing transactions in strategic sectors.
'The project is expected to create jobs during both the conversion and operation phases while ensuring the uninterrupted supply chain for Malaysia's oil and gas exports.
'This will subsequently generate economic spillover effects to key growth regions such as Terengganu and reinforce Malaysia's standing in the global energy sector,' they added. – Bernama
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