Regional LNG: Mitsubishi buys 5% stake in Malaysia LNG

Release: Acquisition of 5% of the share capital in Malaysia LNG

December 4, 2003 -- Mitsubishi Corporation (MC) wishes to announce the acquisition of 5 percent of the issued and paid up share capital in Malaysia LNG Sdn. Bhd. (MLNG) from Petroliam Nasional Berhad (PETRONAS), the national petroleum corporation of Malaysia, effective from 1 December, 2003.

MC had sold all of its 15 percent equity in MLNG to PETRONAS in accordance with the requirement stated in the previous Joint Venture Agreement (JVA) signed in 1978 upon expiry of the JVA in February 2003. MC then had entered into discussions with PETRONAS with the aim of returning as a shareholder of MLNG, resulting in PETRONAS offering a 5 percent stake of MLNG to MC.

MLNG is the owner of the first three-train liquefied natural gas (LNG) production facilities within the PETRONAS LNG Complex in Bintulu, Sarawak, that is also home to LNG production facilities owned by MLNG Dua Sdn Bhd and MLNG Tiga Sdn Bhd. MLNG is the sole operator of LNG Complex which has eight LNG production facilities.

The Complex is now the world?s largest LNG production facility at a single location with an aggregated production capacity of 23 million tonnes per annum. Japan imports 13 percent of its LNG requirement from MLNG.

The acquisition reflects MC?s continued commitment to contribute to the security of energy supply for the Japanese market. (end of release)

Source: Mitsubishi Corporation