KUALA LUMPUR: Gas Malaysia Bhd
has received the green light from the Energy Commission to progress into the next phase of implementation of its liquefied natural gas (LNG) regasification terminal project in Yan, Kedah (RGT Yan).
In a stock exchange filing, the gas company said it was handed a letter to proceed (LTP), which will allow it to carry out detailed engineering, financing progression, site preparation and other related preparatory works.
"The LTP is subject to certain conditions imposed by the EC, which the company is required to fulfil within the stipulated timeline, in order to progress the development of the project.
"For the avoidance of doubt, the issuance of the LTP does not constitute a final investment commitment for the project and remains subject to, among others, the fulfilment of the conditions stipulated by the EC," said Gas Malaysai in its filing.
RGT Yan, which will be located to the west of Pulau Bunting, is envisaged as an offshore floating storage and regasification unit with a planned regasification capacity of up to 6 MTPA.
The project's development cost is estimated at RM2bil to RM3bil, and the manner of funding for the project will be determined at a later stage.
