Law firm Norton Rose Fulbright on Friday said it has advised Japan’s JX Nippon Oil & Energy on its acquisition of a 10% stake in Petronas’ unit that owns a liquefaction train within the Bintulu LNG complex in Sarawak.
Petronas LNG 9 Sdn Bhd (PL9SB) owns the ninth LNG liquefaction train within the Petronas LNG complex in Malaysia.
The deal valued in excess of US$400 million also included a marketing support agreement signed by JX and Malaysia’s energy giant Petronas, Norton Rose Fulbright noted in its statement.
Norton Rose Fulbright partner Michael Joyce, who led the deal, was assisted by Sydney-based senior associate Kathryn Martin. The law firm’s Sydney team worked with local Malaysian law firm Skrine to complete the deal.
JX’s entry into PL9SB marks its second participation in Petronas’ LNG projects, in addition to its existing 10 percent equity interest in MLNG Tiga.
The ninth train, with a production capacity of 3.6 million tonnes per annum, is expected to commence commercial operations in the first quarter of 2017.
With the addition of the latest train, the Petronas LNG complex in Bintulu will now have the capacity to produce approximately 30 mtpa, according to Petronas.
LNG World News Staff