Japan's Mitsubishi to Acquire Stake in Petronas LNG Plant, Nikkei Reports
09.27.2024 By Tank Terminals - NEWS

September 27, 2024 [Reuters]- Japanese conglomerate Mitsubishi will acquire a 10% stake in a natural gas facility operated by Malaysian state energy giant Petroliam Nasional for a 10-year period, the Nikkei reported on Thursday.

 

Mitsubishi had previously owned a 4% interest in the project but the facility’s contract expired in 2022. Now, the company will acquire 10% of the same plant by the end of fiscal 2024, the Japanese newspaper reported.

Mitsubishi also owns 10% of a different LNG plant located in Sarawak. In fiscal 2025, the trading business plans to try to extend the contract for an additional ten years, the Nikkei added.

The Japanese company is expected to spend several hundred billion yen across the two projects, the report said.

The investments will expand Mitsubishi’s LNG equity production capacity in Malaysia to roughly 2.2 million tonnes a year from about 1.4 million tonnes, according to the Nikkei.

Mitsubishi will expand its production capacity in Malaysian liquefied natural gas projects by about 60%, the report added.

The company was not immediately available for comment on the report.

 

Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Qair to Install e-Methanol Plant at France's Le Havre Port
11.12.2024 - NEWS
November 12, 2024 [Renewables Now]- French independent renewable power producer Qair has won the ... Read More
COP29 - Indonesia to Host World's First Hybrid Green Ammonia Project
11.12.2024 - NEWS
November 12, 2024 [Antara News]- PT Pupuk Indonesia announced its Green Ammonia Initiative from A... Read More
Saudi Arabia Bets $10B on Green Hydrogen
11.12.2024 - NEWS
November 12, 2024 [Oil Price]- Saudi Arabia is reportedly preparing to unleash $10 billion in inv... Read More
Genzero and Trafigura Announce US$100M Expansion of the Brujula Verde Nature-Based Carbon Removals Project in Colombi
11.12.2024 - NEWS
November 12, 2024 [Storage Terminals Magazine]- Trafigura Group Pte Ltd, a leader in the global c... Read More