Yinson teams up with Sumitomo for Brazil’s Marlim project

The research house said developments on Yinson

KUALA LUMPUR: Yinson Holdings Bhd has inked a letter of agreement (LOA) with Sumitomo Corporation to participate in a potential joint venture for the provision of a floating, production, storage and offloading unit (FPSO) for the Marlim field in Brazil.

In a statement today, the company said the LOA confirmed Sumitomo Corporation’s intention to participate in the project with an effective interest of at least 20 per cent in the event of a successful bid by Yinson.

It said under this collaboration, Yinson commits to overseeing and conducting the overall project implementation, while Sumitomo commits to seeking competitive logistics and financing on top of enhancing the project execution.

“The collaboration has been positive so far, and the cordial working relationship is a strong indication of the confidence that our partners have in Yinson’s ability to execute projects and manage risks.

“We are confident that the collaboration with Sumitomo Corporation across different working levels will improve our strength in terms of bidding strategy, financing, and project execution, thereby enhancing our competitiveness for prospective projects across the globe,” said Yinson group chairman Lim Han Weng. - Bernama