KUALA LUMPUR (May 4): MISC Bhd (KL:MISC) has secured a contract from PETRONAS Gas Bhd (KL:PETGAS) to provide and maintain a newbuild floating storage and regasification unit (FSRU).
Covering supply, operation and maintenance of the FSRU, the job will span 20 years with commencement expected in 2029, MISC said in a bourse filing on Monday.
A shipbuilding contract was entered into with Samsung Heavy Industries Co Ltd for the FSRU’s construction, the group said.
“The project marks MISC’s entry into the FSRU segment, leveraging its technical and operational expertise in liquefied natural gas (LNG) carriers and floating storage units,” it added.
No contract value was disclosed in the filing.
The contract announcement follows PETRONAS Gas’ confirmation on Monday of its plan to develop its third regasification terminal (RGT-3) in Lumut, Perak, using an FSRU unit.
The project, for which the group is considering a potential joint development partner, is targeted for commercial operation in the second quarter of 2029.
The Edge Malaysia, in its April 6-12 issue, reported that Tenaga Nasional Bhd (KL:TENAGA) is reportedly in early discussions to participate in the RGT-3 project, with one proposal being for it to take a significant stake.
MISC and PETRONAS Gas share a common major shareholder in Petroliam Nasional Bhd (PETRONAS). Both are 51%-owned by the national oil and gas outfit.
Shares in MISC ended one sen or 0.12% higher at RM8.38, valuing the group at RM37.57 billion.