KUALA LUMPUR (Feb 28): MISC Bhd (KL:MISC) said on Friday that it has secured long-term contracts for two Very Large Ethane Carriers (VLECs) from Thailand’s PTT Public Company Limited.

PTT is a state-owned oil, gas, and petrochemicals company and Thailand's largest company by revenue. Its business spans petroleum exploration and production, natural gas, trading, petrochemicals and refining, oil and retail, as well as power generation.

In a bourse filing, MISC said it has entered into time charter party agreements with PTT for two newly built VLECs, which will be constructed by HD Hyundai Heavy Industries Co Ltd.

The vessels will be chartered to PTT for a firm period of 15 years, with operations expected to commence in the fourth quarter of 2028.

MISC did not disclose the financial details of the contract.

The deal is not expected to have any material impact on MISC’s earnings per share, gearing, or net assets per share for the financial year ending Dec 31, 2025, it noted.

Share price of MISC, a 51%-owned subsidiary of Petroliam Nasional Bhd (Petronas), fell five sen to close at RM7.30 on Friday, giving it a market capitalisation of RM32.6 billion.