KOTA KINABALU: Sabah has formalised its acquisition of a 25 per cent equity stake in Petronas PFLNG 3 Sdn Bhd, marking a significant milestone in the state’s growing involvement in the energy sector.
The deal, signed through SMJ Energy Sdn Bhd and Petronas LNG Sdn Bhd, solidifies the partnership between Sabah and the national oil company.
It follows the Heads of Agreement inked in Kuala Lumpur on July 17, witnessed by Chief Minister Datuk Seri Hajiji Noor and Petronas President and Group CEO Tan Sri Tengku Muhammad Taufik.
Petronas PFLNG 3, also known as ZLNG, is developing a USD3.1 billion nearshore floating liquefied natural gas facility at the Sipitang Oil & Gas Industrial Park (SOGIP).
The project, expected to commence operations in the second half of 2027, will have a production capacity of two million tonnes per annum.
The acquisition further expands SMJ Energy’s portfolio, which includes stakes in the Samarang oil field, Petronas LNG 9, and the Samur petrochemical plant, along with full ownership of Sabah International Petroleum.
SMJ Energy also holds rights and interests in several exploration blocks, strengthening Sabah’s position in Malaysia’s energy landscape.
