Mitsubishi to Acquire Stake in Petronas LNG Plant, Reports Nikkei

30 Sep, 2024

Mitsubishi to Acquire Stake in Petronas LNG Plant, Reports Nikkei

Japanese corporation Mitsubishi is set to acquire a 10% stake in a gas facility operated by Malaysia's state energy giant, Petroliam Nasional, according to a report by Nikkei. This investment will be for a 10-year period and marks a significant increase from Mitsubishi's previous 4% interest in the facility, which expired in 2022. The new agreement is expected to be finalized by the end of the financial year 2024.

In addition to this stake, Mitsubishi already holds a 10% interest in another liquefied natural gas (LNG) plant located in Sarawak. The company is planning to extend its contract for this facility for an additional ten years, enhancing its long-term presence in Malaysia's energy sector. The report indicates that Mitsubishi's investments in these two projects will amount to several hundred billion yen.

With this acquisition, Mitsubishi aims to increase its LNG equity production capability in Malaysia to approximately 2.2 million tonnes per year, a notable rise from its current capacity of around 1.4 million tonnes. This expansion represents a 60% increase in Mitsubishi's production capabilities in Malaysian liquefied gas projects, reinforcing its commitment to growth in the LNG market.