Petronas signs floating LNG agreement


Petronas International Corporation Ltd (PICL) has signed an agreement with the UK’s MISC Bhd and Mustang Engineering Ltd to form a joint-venture company for floating LNG engineering services worldwide.

The agreement will see PICL, a wholly owned subsidiary of Malaysia oil and gas company Petronas, hold 60% interest in the joint venture. MISC will hold 30% and Mustang Engineering will hold the remaining 10%.

The agreement firms up earlier indications by the three parties late last year to jointly offer conceptual designs, develop project execution plans and facilitate advancement of technologies associated with natural gas liquefaction in offshore environment – commonly referred to as floating LNG in the industry.

Initially, the new joint-venture will focus on accomplishing a front end engineering design for a project in Malaysia. The project has already progressed to achieve first gas production from a floating LNG facility in late 2013.

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