Gas Malaysia, Tokyo Gas Sign MoU
Industrial and commercial gas supplier Gas Malaysia and Tokyo Gas have signed a memo of understand (MoU) to develop the natural gas value chain in the southeast Asian region, except Vietnam.
As per the MoU, the companies will share technical and commercial information, invest in new projects and conduct training programmes. The MoU is valid for two years and can be extended on mutual agreement, Gas Malaysia said July 12.
Tokyo Gas is Japan's largest provider of city gas, serving more than 11mn customers, primarily in the Tokyo metropolitan area and surrounding Kanto region. The Japanese utility is an indirect major shareholder of Gas Malaysia via its 80% stake in Tokyo Gas-Mitsui & Co Holdings held through its wholly owned subsidiary, Tokyo Gas International Holdings. Tokyo Gas-Mitsui & Co Holdings owns 18.5% stake in Gas Malaysia.
Tokyo Gas has been focusing on the southeast Asian region and has signed a number of deals in recent years with gas distribution companies. In February this year, the company in joint venture with Mitsui acquired a 30% equity interest in a Thai gas distribution company. Last year, Tokyo Gas acquired a 24.9% stake in Petrovietnam Low Pressure Gas Distribution (PVGas D), a subsidiary of state-owned Petrovietnam.