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PTT acquires a 10% stake in the Malaysia LNG project (Malaysia)

PTT Global LNG Investment Limited (PTTGLI), a subsidiary of Thailand's PTT Group, has acquired a 10% equity stake in PL9SB, a subsidiary of the Malaysian company Petronas which is in charge of the Malaysia liquefied natural gas (MLNG) liquefaction Train 9 project. The total amount of the acquisition reaches US$500m, funded by debt (40%) and equity (60%) and the completion of the transaction is expected for September 2017.



With the entrance of PTTGLI in the project, the interests proportion in PL9SB are the following: 80%, 10% and 10% owned respectively by Petronas, JXTG Nippon Oil & Energy Corporation (through its subsidiary, Nippon Oil Finance) and PTTGLI. The LNG liquefaction Train 9 has a production capacity of 3.6 Mt/y and commercial operations started on 1 January 2017.



The acquisition of equity interest in PL9SB is part of PTT’s strategy to increase its LNG business and meet Thailand's growing energy demand. PTT Global LNG Company Limited (PTTGL) is the sole LNG importer in Thailand and it has been designed as a joint venture between PTT (50%) and its subsidiary PTTEP Business Center Company (50%). It is looking forward to expanding Thailand's LNG import capacity and has several ongoing projects such as the expansion of the Map Ta Phut LNG import terminal, which is expected to upgrade the current 5 Mt/year capacity up to 11.5 Mt/year upon completion in 2019. Ma Ta Phut LNG is the sole LNG terminal in Thailand but the construction of a second 7.5 Mt/year LNG import terminal is also planned.



In the meantime, Petronas delivered its first LNG cargo to Thailand in July 2017 and committed to deliver up to 1.2 Mt/y of LNG to PTT for a period of 15 years.

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