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Petronas announced the signing of the agreement in a statement on Thursday.
The proposed equity acquisition will be implemented via definitive agreements to be finalized following the HoA, Petronas said, adding that this marks a “significant step forward” in strengthening its long-standing partnership with the Sabah state government.
SMJ Energy will take the stake from Petronas LNG, a unit of Petronas, in PFLNG 3.
PFLNG 3 is the project company developing the upcoming shore-based floating LNG facility, which will be located in Sipitang Oil & Gas Industrial Park (SOGIP), Sabah.
Earlier this year, South Korea’s Samsung Heavy Industries launched the hull of the FLNG.
Samsung Heavy officially started building the FLNG at its yard in Geoje last year.
The FLNG is expected to set sail in February 2027.
This third FLNG facility will produce 2.1 million tonnes per annum (mtpa) of LNG and is targeted to start operations in May 2027.
Once in operation, it will become Malaysia’s first nearshore FLNG facility.
Japan’s JGC confirmed in January 2023 that it had won the contract with Samsung Heavy to build the FLNG for Petronas.
The two firms already built the second FLNG, PFLNG Dua, for the Malaysian firm.
The nearshore LNG plant will increase Petronas’ LNG production from floating LNG facilities from 2.7 mtpa to 4.7 mtpa.
Currently, Petronas operates two floating LNG facilities, namely the 1.2 mtpa PFLNG Satu and the 1.5 mtpa PFLNG Dua, both located offshore Sabah.
