Latest news with #FSOPermataDulang
The Star
26-05-2025
- Business
- The Star
BPMB, EXIM Bank provide joint financing for offshore oil and gas milestone
From left: Faizah Mustapa, chief business officer of EXIM Bank Malaysia, Mahyudden Abdul Wahab, director and shareholder of Duta Marine and Mohamed Nazri Omar, managing director, group corporate and investment banking of BPMB after the signing of the FSO Permata Dulang financing agreement 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 (US$1=RM4.21) 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
New Straits Times
26-05-2025
- Business
- New Straits Times
BPMB, EXIM Bank seal first joint deal with Duta Marine for FSO project
KUALA LUMPUR: Malaysia Bhd (BPMB) and Export-Import Bank of Malaysia Bhd (EXIM Bank), both under the BPMB Group, have concluded their first joint financing transaction with Duta Marine Sdn Bhd for the FSO Permata Dulang project. This landmark deal reflects the unified strategic direction of the newly merged group and supports the conversion of an oil tanker into a floating storage and offloading (FSO) vessel. The new unit will replace the ageing FSO Puteri Dulang, ensuring continued operations at the Dulang Field—one of Malaysia's longest-running offshore production sites. The financing includes RM555 million from BPMB and US$37 million in Islamic facilities from EXIM Bank, covering the vessel's acquisition, conversion, and mobilisation. The project is set to enhance energy security and infrastructure resilience while supporting long-term offshore operations. EXIM Bank also served as the exclusive arranger for Duta Marine's charter agreement with Petronas Carigali Sdn Bhd, reflecting its role in structuring strategic financing solutions. "This project represents the very essence of our purpose, to deliver impact capital for national development," said Datuk Muzaffar Hisham, Group Chief Executive Officer of BPMB. "It also demonstrates the power of synergy within the BPMB Group, where our combined expertise and focus allow us to support high-impact, high-value national priorities while empowering capable Bumiputera players," he said. EXIM Bank president and CEO Nurbayu Kassim Chang added, "We are honoured to support Duta Marine in a project of national significance. This effort showcases the strength of BPMB Group's integrated approach, bringing together complementary capabilities to strengthen Malaysia's oil and gas sector, enhance local participation, and enable homegrown enterprises to thrive on a global stage." Aligned with BPMB's Transportation & Logistics Programme, the project also supports the United Nations Sustainable Development Goals, particularly SDG 9 (Industry, Innovation and Infrastructure) and SDG 8 (Decent Work and Economic Growth). Duta Marine, a veteran Bumiputera offshore marine firm, secured a 10+5-year charter with PETRONAS Carigali following the extension of the Dulang Production Sharing Contract (PSC) to 2045. "We are deeply honoured to receive this support from BPMB and EXIM Bank," said Mahyudden Abdul Wahab, director and shareholder of Duta Marine. "This is more than just financing; it's a vote of confidence in the capabilities of Bumiputera companies to lead complex, high-impact projects." The project is expected to create jobs during both the conversion and operational phases and deliver economic spillover benefits to key growth areas such as Terengganu, further strengthening Malaysia's global energy position.
