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Petronas Gas announced on Thursday that it had entered into a binding heads of agreement in relation to a shareholders’ agreement with Integrax.
The purpose of the HoA is to establish a formal collaboration between the two companies to jointly develop the third regasification terminal in Lumut, Perak (RGT-3), it said.
According to Petronas Gas, a special purpose vehicle will be incorporated by both parties upon finalization and signing of the SHA.
Moreover, Petronas Gas noted that the FSRU-based facility is designed with an LNG storage capacity of 170,000 cbm and a regasification sendout capacity of 500 MMscfd.
The RGT-3 capacity is being underwritten by TNB Fuel Services in stages, with full capacity underwritten from 2030 onwards, the company said.
MISC’s FSRU
The RGT-3 terminal includes a floating storage and regasification unit (FSRU), which will be provided by MISC, also a unit of Petronas.
The regasified LNG will then be transported via a connecting pipeline from RGT-3 onshore and berthing facilities to the onshore grid.
MISC recently ordered one FSRU from South Korean shipbuilder Samsung Heavy Industries.
The order is valued at 484.8 billion won, or approximately $329 million.
Samsung Heavy will deliver the FSRU by February 2029.
Petronas Gas issued a letter of award to MISC for the provision of supply, operation, and maintenance of the FSRU.
The project will be for a firm period of 20 years, with commencement expected in 2029.
Petronas Gas also recently signed a jetty usage agreement with Lumut Maritime Terminal for the country’s first FSRU-based LNG import terminal.
The company currently operates the offshore LNG regasification terminal in Sungai Udang, Melaka (RGTSU) and the onshore LNG regasification terminal in Pengerang, Johor (RGTP).