Malaysia's state-owned oil and gas company Petronas said Friday that its latest partnership with Thailand's national oil and gas counterpart PTT Global LNG Company Ltd (PTTGL) would help to grow its gas business in Thailand.
Petronas signed an agreement with PTTGLI on Thursday to sell a 10 percent stake in its subsidiary Petronas LNG 9 (PL9SB) in Malaysia for 500 million U.S. dollars to PTTGL Investment Ltd (PTTGLI), a subsidiary of PTTGL.
"This strategic partnership demonstrates Petronas' ongoing commitment to grow our liquefied natural gas (LNG) business and more importantly pave ways for both parties to collaborate further in strengthening and maximizing the integrated oil and gas value chain," Petronas executive vice president and chief executive officer (upstream) Mohd Anuar Taib said in a statement.
The collaboration is also a catalyst for Petronas' growth in the Thai gas market, as part of its long-term gas business strategy, he added.
This partnership is PTTGL's second collaboration with Petronas in the LNG business following a LNG sale and purchase agreement signed in May.
PL9SB is Petronas' fourth LNG company. It owns the ninth LNG liquefaction and purification facility in the Petronas LNG Complex in Bintulu, Sarawak of East Malaysia with a production capacity of 3.6 million tons per annum (mpta).