KUALA LUMPUR: Petronas Gas Bhd
(PGB) has executed a jetty usage agreement (JUA) with Lumut Maritime Terminal Sdn Bhd (LMTSB) for the jetty utilisation of the Third Regasification Terminal (RGT-3) in Lumut, Perak.
RGT-3 is designed with liquified natural gas (LNG) storage capacity of 170,000 cubic metres and regasification send-out capacity of 500 million standard cubic feet per day (MMscfd).
PGB said in a statement today that the JUA sets out the terms and conditions for usage of the jetty to be provided by LMTSB, which are within the standard market practice.
"The RGT-3 will be developed based on floating storage and regasification unit (FSRU) concept, whereby the liquified natural gas (LNG) storage and regasification processes will be on the FSRU.
"The regasified LNG will then be transported via a connecting pipeline from RGT-3 onshore and berthing facilities to the Peninsular Gas Utilisation system," it said.
PGB said this transaction is crucial for the development of RGT-3 as it is aligned with PGB's growth strategy as a gas and utilities infrastructure company.
"It supports the continued development and reliability of gas infrastructure in Peninsular Malaysia. The project will enhance the capacity and flexibility of the gas supply network to meet the nation's evolving demand requirements," said PGB.
The company said the JUA, which is part of the overall RGT-3 project development, does not have any effect on the issued and paid-up capital and substantial shareholders' shareholdings of PGB.
"While investment in the project may result in an increase in the group's gearing, it is not expected to have any material impact on PGB's net assets per share for the financial year ending Dec 31, 2026," it added. - Bernama
