Latest news with #RM13.17bil
The Star
5 days ago
- 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
5 days ago
- Business
- The Star
Sabah secures 25% stake ZLNG facility with PETRONAS
KOTA KINABALU: Sabah acquires 25% equity in the USD3.1bil (RM13.17bil) nearshore floating liquefied natural gas (ZLNG) facility in Sipitang with the signing of the Head of Agreement (HOA) with PETRONAS at the Malaysia Petroleum Club (MPC), in Kuala Lumpur on Thursday (July 17). Chief Minister Datuk Seri Hajiji Noor stated that the partnership ensures Sabah's long-term development goals. "Through strategic investments like 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 after witnessing the HOA signing. The ZLNG facility has a capacity of 2 million tonnes per annum (MTPA). It was under construction in Sipitang and was expected to commence operations in the second half of 2027. The State Government also announced its intention to acquire a 40% participating interest in PFLNG1 through SMJ Energy. SMJ Energy Chief Executive Officer Datuk Dr Dionysia Kibat said they are a prudent financial investor with a disciplined approach to portfolio building. 'Our entry into ZLNG is part of our strategic plan to diversify further and strengthen our position in the upstream, LNG, and petrochemical sectors,' she said.
