Yinson to collaborate with Sumitomo

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 yesterday, 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.