Latest news with #HoA
The Star
4 days ago
- Business
- The Star
ES Sunlogy to develop RM488mil solar plant in Sarawak
The company said the project will be funded via a combination of bank borrowings and internally generated funds. PETALING JAYA: ES Sunlogy Bhd has revealed that its joint development of a 155 megawatt-peak large-scale solar photovoltaic power plant in Long Lama, Baram, Sarawak, will cost RM488.18mil. In a reply to a query from Bursa Malaysia, the mechanical and electrical engineering services company said the project will be funded via a combination of bank borrowings and internally generated funds, in a proposed ratio of 80:20. 'ES Sunlogy is currently in close discussions with two banking institutions to secure the necessary financing facilities for the investment in the joint venture,' it said. ES Sunlogy announced earlier this week that it had entered into a heads of agreement (HoA) with Planet QEOS Sdn Bhd to jointly develop the power plant. It added that the pre-development period is estimated to be not later than 18 months from the date of the HoA, which was executed on Aug 11, 2025. 'Project commencement is expected to take place following the pre-development phase, with targeted completion no later than the end of 2027. 'For avoidance of doubt, the HoA serves as a memorandum of understanding and does not constitute the final joint venture agreement. 'The definitive joint venture agreement is expected to be negotiated and executed within the 18-month pre-development period.' In the event of a funding shortfall or where additional cash equity is required beyond bank loans for the project, ES Sunlogy said it intends to meet such funding requirements via equity funding. 'Furthermore, this may involve the issuance of new shares to interested investors, subject to prevailing market conditions and approvals from Bursa Securities, shareholders and relevant authorities (if relevant), through a private placement exercise of up to 30% of its enlarged share capital. 'The company will assess the appropriate funding structure at the relevant time to ensure optimal capital management and to support the timely execution of the project,' it added.
Fibre2Fashion
21-07-2025
- Business
- Fibre2Fashion
Petronas, SMJ Energy partner on Sabah LNG facility
Petroliam Nasional Berhad (PETRONAS), through its subsidiary PETRONAS LNG Sdn. Bhd. (PLSB), signed a Heads of Agreement (HoA) with SMJ Energy Sdn. Bhd (SMJ Energy) to formalise the terms for a 25% equity participation of SMJ Energy in PFLNG 3 Sdn. Bhd. Petronas, through its unit Petronas LNG Sdn Bhd, signed a Heads of Agreement with SMJ Energy for a 25 per cent equity stake in PFLNG 3 Sdn Bhd, the company developing a shore-based floating LNG facility at Sabah's Sipitang Oil & Gas Industrial Park. The deal strengthens Petronas' partnership with the Sabah government. Definitive agreements will follow the HoA. 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. The agreement was signed by SMJ Energy CEO Datuk Dr. Dionysia Aloysius Kibat and PLSB CEO Shamsairi M Ibrahim, in the presence of Sabah Chief Minister Datuk Seri Panglima Haji Hajiji Haji Noor and PETRONAS President and Group CEO Tan Sri Tengku Muhammad Taufik. PFLNG 3 Sdn. Bhd. is the project company developing the upcoming shore-based floating liquefied natural gas (LNG) facility, which will be located in Sipitang Oil & Gas Industrial Park (SOGIP), Sabah. The proposed equity acquisition will be implemented via definitive agreements to be finalised following the HoA. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. ALCHEMPro News Desk (HU)
The Star
17-07-2025
- Business
- The Star
Sabah to buy 25% PETRONAS ZLNG stake
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 Chief Minister Datuk Seri Hajiji Noor (third from right) and PETRONAS President and Group CEO Tan Sri Tengku Muhammad Taufik (fourth from right). KOTA KINABALU: The Sabah government, through SMJ Energy Sdn Bhd, has signed a head of agreement with PETRONAS LNG Sdn Bhd to acquire 25% equity stake in the US$3.1bil (RM13.17bil) nearshore floating liquefied natural gas (ZLNG) facility in Sipitang. The ZLNG, currently under construction, is expected to commence operations in the second half of 2027. Chief Minister Datuk Seri Hajiji Noor said the partnership marked another significant milestone in advancing Sabah's long-term development goals, which include promoting industrial growth, enhancing energy security, and creating new opportunities to drive the state's progress. 'Through strategic investments such as ZLNG, we will strengthen the state's economic resilience while ensuring that the benefits of Sabah's natural resources directly contribute to the well-being of our people,' he said in a statement yesterday. — Bernama
The Star
17-07-2025
- Business
- The Star
Sabah to acquire 25% equity in PETRONAS ZLNG facility
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 Chief Minister Datuk Seri Hajiji Noor (third from right) and PETRONAS President and Group CEO Tan Sri Tengku Muhammad Taufik (fourth from right). KOTA KINABALU: The Sabah government, through SMJ Energy Sdn Bhd has signed a head of agreement (HoA) with Petronas LNG Sdn Bhd to acquire 25 per cent equity stake in the US$3.1 billion (RM13.17 billion) nearshore floating liquefied natural gas (ZLNG) facility in Sipitang. The ZLNG, currently under construction, is expected to commence operations in the second half of 2027. Chief Minister Datuk Seri Hajiji Noor said the partnership marks another significant milestone in advancing Sabah's long-term development goals, which include promoting industrial growth, enhancing energy security, and creating new opportunities to drive the state's progress. "Through strategic investments such as ZLNG, we will strengthen the state's economic resilience while ensuring that the benefits of Sabah's natural resources directly contribute to the well-being of our people,' he said in a statement today. Hajiji and Petroliam Nasional Bhd (Petronas) group president and chief executive officer Tan Sri Tengku Muhammad Taufik witnessed the signing of the HoA at the Malaysia Petroleum Club today. The Chief Minister noted that the ZLNG facility with a capacity of two million tonnes per annum (MPTA), represents a significant addition to Malaysia's LNG landscape. He said the project complements Sabah's growing LNG footprint, alongside two other floating LNG facilities - PFLNG1 (1.2 MTPA) and PFLNG2 (1.5 MTPA) - currently operating in Sabah waters. The state government also announced its intention to acquire a 40 per cent participating interest in PFLNG1 through SMJ Energy, with due diligence scheduled to begin in the second half of 2025. He said SMJ Energy's growth trajectory since the signing of the commercial collaboration agreement (CCA) with Petronas in December 2021 has been rapid. The company now holds 50 per cent equity stake in the Samarang production sharing contract (PSC) oil production asset, 10 per cent equity in LNG9, 25 per cent equity in the Sabah Ammonia Urea (SAMUR) petrochemical complex, and full ownership of Sabah International Petroleum (SIP), which operates both Floating Production Storage and Offloading (FPSO) and floating storage and offloading (FSO) assets. SMJ Energy also holds free carry and back-in rights in exploration blocks SB409 (20 per cent), SB403 (20 per cent), SB306A (15 per cent) and SB306B (15 per cent). Meanwhile, SMJ Energy chief executive officer Datuk Dr Dionysia Kibat said: "We are a prudent financial investor with a disciplined approach to portfolio building. Our entry into ZLNG is part of our strategic plan to further diversity and strengthen our position in the upstream, LNG, and petrochemical sectors. "This opportunity aligns with our mandate to generate a long-term, stable cash flows from high-quality, cash-generating assets,' she said. Sabah's downstream ambitions are also advancing rapidly. Sabah Energy Corporation (SEC), the state's gas aggregator and distributor, plays a crucial role in ensuring a stable domestic gas supply for Sabah's industries. One of the landmark projects involves supplying gas to E-Steel's RM31 billion green steel plant at the Sipitang Oil and Gas Industrial Park (SOGIP), a key investment supporting Sabah's move toward industrial diversification. - Bernama
Barnama
17-07-2025
- Business
- Barnama
Sabah To Acquire 25 Pct Equity In Petronas ZLNG Facility
KOTA KINABALU, July 17 (Bernama) -- The Sabah government, through SMJ Energy Sdn Bhd has signed a head of agreement (HoA) with Petronas LNG Sdn Bhd to acquire 25 per cent equity stake in the US$3.1 billion (RM13.17 billion) nearshore floating liquefied natural gas (ZLNG) facility in Sipitang. The ZLNG, currently under construction, is expected to commence operations in the second half of 2027. Chief Minister Datuk Seri Hajiji Noor said the partnership marks another significant milestone in advancing Sabah's long-term development goals, which include promoting industrial growth, enhancing energy security, and creating new opportunities to drive the state's progress. 'Through strategic investments such as ZLNG, we will strengthen the state's economic resilience while ensuring that the benefits of Sabah's natural resources directly contribute to the well-being of our people,' he said in a statement today. Hajiji and Petroliam Nasional Bhd (Petronas) group president and chief executive officer Tan Sri Tengku Muhammad Taufik witnessed the signing of the HoA at the Malaysia Petroleum Club today. The Chief Minister noted that the ZLNG facility with a capacity of two million tonnes per annum (MPTA), represents a significant addition to Malaysia's LNG landscape. He said the project complements Sabah's growing LNG footprint, alongside two other floating LNG facilities – PFLNG1 (1.2 MTPA) and PFLNG2 (1.5 MTPA) – currently operating in Sabah waters. The state government also announced its intention to acquire a 40 per cent participating interest in PFLNG1 through SMJ Energy, with due diligence scheduled to begin in the second half of 2025. He said SMJ Energy's growth trajectory since the signing of the commercial collaboration agreement (CCA) with Petronas in December 2021 has been rapid.
