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Petronas buys 30pc stake in MLNG project, BUSINESS TIMES
Business Times (Malaysia), February, 2003
Business Times (Malaysia) 02-11-2003 PETROLIAM Nasional Bhd (Petronas) has acquired the combined 30 per cent stake of Mitsubishi Corp and Shell Gas in Malaysia's first liquefied natural gas (LNG) project. This follows the expiry of the 20-year joint venture agreement (JVA) for MLNG Sdn Bhd last Friday, Petronas said in a statement.
However, Petronas did not indicate the cost involved in the purchase of the stake. According to sources, the price was based on the net tangible assets of MLNG. In accordance with the terms of the JVA signed on March 31 1978, both Shell Gas and Mitsubishi Corp have ceased to be partners in the joint venture. MLNG owns and operates Malaysia's first LNG plant. Located in Bintulu, Sarawak, the plant started operations in...
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