PTTEP, the exploration and production unit of Thai state-owned PTT, secured a 10 percent stake in Petronas ninth liquefaction train at the company’s Bintulu LNG complex.
The acquisition is valued at $500 million, PTTEP said in its statement, noting it has also established PTT Global LNG as it looks to take advantage of the business opportunities in the LNG value chain.
The business cooperation with Petronas also allows PTTEP to gain a foothold in Malaysia, supporting further business expansion and investment in petroleum fields in the country, the company said in its quarterly report.
Petronas began commercial operations at the Train 9 of its LNG complex in Bintulu, Sarawak in early January this year. The train has a production capacity of 3.6 million tons per annum, while the project’s total production capacity is approximately 30 million tons per year.
Shareholders in Train 9 are, Petronas with an 80 percent stake, with Japan’s JX Nippon Oil & Energy and PTT Global LNG holding 10 percent stakes each.