Japanese engineers JGC Holdings Corp. reports 30 percent increase in nine-month sales including LNG
JGC Holdings Corp., the Japanese energy engineering company with current major liquefied natural gas project work in progress, reported a 30 percent jump in nine-month sales as the Yokohama-based company maintained a healthly backlog of contracts.
JGC said nine-month sales came to 416.6 billion yen ($3.17 billion) compared with 319.4Bln ($2.43Bln) in the period to the end of December 2021.
Among the contracts won by JGC was as head of a consortium with South Korea’s Samsung Heavy Industries for the construction of a nearshore floating LNG project in Malaysia planned by national oil and gas company Petronas.
This facility will be the third floating LNG plant to be constructed for an offshore gas fields in Malaysia. It will have minimum production capacity of 2 million tonnes per annum of LNG and was scheduled for completion in 2027.
JGC’s main responsibilities will cover the engineering, procurement and commissioning work for the FLNG topside, the associated onshore facilities as well as the management of the overall project.
JGC’s consortium partner SHI would be responsible for the FLNG hull EPC work and the modular fabrication of the topside.
The company’s earnings statement showed operating profits rose to 25.3Bln ($185 million) versus 15.3Bln yen ($116M) in the period.
Net profits amounted to 22.5Bln yen ($171 million), down from 44.3Bln yen $337M) in the prior year nine-month period.
JGC’s contracts backlog was 1.58 trillion yen ($12.5 billion) at the end of December 2022.
LNG Canada
The company was also still working towards completion of the LNG Canada project at Kitimat in British Columbia being constructed by Shell and partners. JG's partner on the venture is Fluor Corp. of the US.
JGC was additionally involved in the successful completion of the Coral South floating LNG venture offshore Mozambique for Italian energy company Eni and partners.
FLNG is one of JGC’s speciality spheres and it has been retained along with Europe's Technip Energies for the front-end engineering and design for a similar project offshore Nigeria.
Other JGC outstanding energy industry contracts include the Basra Oil Refinery modernization, the construction of an oil-gas separation unit in Saudi Arabia as well as LNG import terminal work in Taiwan.
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Second Malaysian FLNG hull enters output phase in project allowing Thailand to debut as LNG producer
Malaysian energy company Petronas, the world leader in floating liquefied natural gas output, said its second liquefaction hull, the “PFLNG Dua”, had entered production and confirmed that the state energy company of Thailand has debuted as an equity LNG producer.
Petronas loss options
Sept 7 (LNG) - Petronas, the Malaysian oil and gas company and leading Asian LNG exporter, said that there would be no reduction in the number of employees, though the group would trim capital costs and may cut pay to strengthen its resiliency after big losses. Petronas posted a first-half loss of 16.5Bln Malaysian ringgit ($3.97Bln) and a 23 percent year-on-year reduction in revenue to 93.6Bln ringgit ($22.5 billion) on the back of lower average realised prices and a drop in sales volumes for processed gas and LNG.
Petronas President and Chief Executive Muhammad Taufik Tengku Aziz, said the company was considering pay cuts for its more than 47,000 employees in the light of the continued challenging market conditions. “The final deliberations are ongoing. Any decision on the matter will be conveyed to our employees first,” he said.
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Thailand seeks to increase LNG trading and targets small-scale market in Southeast Asia
Thailand PTT, the nation’s oil and gas company, said it was seeking to become a regional trader of liquefied natural gas and to increase small-scale LNG distribution in southeast Asia with the help of its current LNG import terminal and a second facility under development.
PTTEP of Thailand reports net profit jump and advances with Mozambique and Malaysia LNG
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