LNG

Sabah to invest in Petronas’ FLNG project

Sabah is to sign an agreement with PETRONAS that would see the state acquire a 40% stake in an FLNG project. Chief Minister, Datuk Seri Hajiji Noor, said the deal was made possible through a co-operation agreement previously signed with the Malaysian energy giant to enable the state government to participate more actively in Sabah's oil and gas industry. “We have successfully reached an agreement with PETRONAS, and in the next few months, we will sign an agreement under which Sabah will receive a 40% stake in the state's floating LNG project. “In Sandakan, PETRONAS has secured an oil and gas field, and Sabah will receive a 20% stake in the project there,” he said, adding that the state and its people stood to benefit significantly from the strong relationship between the state and federal governments. He claimed that Sabah continued to attract growing investor interest, due to the state government's investor-friendly policies.

MISC wins LNG contract - orders vessel

Malaysia’s PETRONAS’ shipping arm, MISC has secured a 10-year contract from Malaysia LNG (MLNG) to provide long-term LNG shipping services. In a filing with Bursa Malaysia, MISC said it had received a letter of award from MLNG for the vessel's long-term timecharter, with the operation expected to start in 2028. As a result, MISC has signed a contract with China's Hudong-Zhonghua Shipbuilding to build a small-scale 18,000 cu m LNGC. "The project is strategically important as it supports PETRONAS' continued LNG supply to Sendai City, Japan, reinforcing a long-standing partnership of nearly 30 years and ensuring the reliable delivery of LNG to meet the customer's long-term energy needs,” MISC said in the filing.

Golar closes $600 mill credit facility

Golar LNG Limited has closed a new $600 mill senior secured revolving credit facility (RCF). The RCF further strengthens Golar’s balance sheet flexibility and facilitates further FLNG growth, the company claimed. It was secured by Golar’s investment in the MKII FLNG currently being converted in China to serve a 20-year contract with Argentina’s Southern Energy. The facility received strong backing from a consortium of banks including ABN AMRO, Citibank, Danske Bank and Standard Chartered Bank, Golar said.

Silversteam ALS success

London-based engineering design company, Silverstream has installed more than 160 air lubrication systems (ALS) worldwide, which have found favour on LNGCs, plus other vessel types. The latest fitting involve two Pure Car and Truck Carriers (PCTCs), which brought the total up to 164 vessels fitted with the technology. This growth in the number of installations reflects the shipping industry’s commitment to air lubrication, as an independently verified technology that delivers immediate fuel and emissions reductions, Silverstream claimed. Reflecting on this significant milestone for the company, Noah Silberschmidt, Founder and CEO, said: “Reaching more than 160 vessels on the water is a significant achievement and I am grateful to our customers, colleagues and partners who have played a huge role in this success. “Shipowners increasingly look for solutions that can provide a hedge against rising fuel costs by reducing fuel consumption and emissions immediately. The growth of our installed fleet shows that air lubrication is a trusted and proven part of future-proofing strategies,” he said.