KUALA LUMPUR: MISC Bhd has entered into a binding heads of agreement with Pengerang LNG (Two) Sdn Bhd for the supply, operation, and maintenance of a floating storage unit (FSU) worth up to RM1.02 billion (US$213.7 million).
MISC will convert one of its Puteri Satu Class liquefied natural gas (LNG) carriers, namely Puteri Delima Satu, which completed its long-term charter in early 2023 and is currently in lay-up, into the FSU.
According to its filing with Bursa Malaysia today, the agreement is valid for 20 years from the expected operation date in 2025, with the possibility of extension, subject to agreement between the parties.
Pengerang LNG is a 65 per cent owned subsidiary of Petronas Gas Bhd.
Its principal activities are construction, owning, managing and operating LNG regasification terminal and ancillary activities at Pengerang, Johor.