Regional LNG: Mitsubishi Corp. acquires shares in Malaysia LNG

Japan tradinghouse Mitsubishi Corporation (MC) had acquired 5 % of the share capital in Malaysia LNG Sdn. Bhd. (MLNG) from Petroliam Nasional Berhad (PETRONAS), the national petroleum corporation of Malaysia, effective from 1 December, 2003, Japan Corporate News Network reported Tuesday.

Mitsubishi had sold all of its 15% 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% 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 the 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% of its LNG requirement from MLNG.(*)