Petronas unit secures $409 million financing

Pengerang LNG (Two), a unit of the Malaysian energy giant Petronas, has secured 1.7 billion Malaysian Ringgit ($409.2 million) of investment.

The company said it has concluded the issuance of a 20-year multi-tranche Sukuk Murabahah under its Islamic Medium Term Note Programme.

“The issuance is in line with continued efforts in driving efficient capital management across Petronas Group”, said Kamal Bahrin, who is also the chairman of PLNG2.

The proceeds will be utilized by PLNG2 for Shariah-compliant purposes, primarily to repay its outstanding USD shareholders’ loans in full, hence there will be no change in the company’s consolidated borrowings.

The issuance will not have any effect on the issued and paid-up capital of the company and/or the substantial shareholders’ shareholding in Petronas, the company said. It will neither have any effect on the issued and paid-up share capital of Petronas and/or the substantial shareholders’ shareholding in the company.

PLNG2 operates the liquefied natural gas (LNG) regasification terminal Pengerang (RGTP) in Johor. It also operates the second regasification facility after RGT Sungai Udang located in Melaka.

PLNG2’s other shareholders include Dialog LNG (25 per cent) and Permodalan Darul Ta’zim (10 per cent).