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    Petronas Gas, Sabah Energy Scrap Lahad Datu LNG Regasification Terminal Project

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Summary

Petronas Gas Bhd (PGas) and Sabah state-owned Sabah Energy Corp Sdn Bhd (SEC) have decided to scrap the Lahad Datu regasification terminal project.

by: Shardul

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Asia/Oceania

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Petronas Gas, Sabah Energy Scrap Lahad Datu LNG Regasification Terminal Project

Petronas Gas Bhd (PGas) and Sabah state-owned Sabah Energy Corp Sdn Bhd (SEC) have decided to scrap the Lahad Datu regasification terminal project.

In a filing with Bursa Malaysia, PGas on Wednesday said that the decision has been arrived at “in view of prolonged uncertainty” regarding the project and both parties have “mutually agreed” to terminated the shareholders agreement effective February 10, 2016.

The shareholders agreement was signed between the two companies in 2012 Regas Terminal (Lahad Datu) Sdn Bhd (RGT) was formed to undertake the project.

As per the agreement RGT was responsible for the overall coordination and strategic management of the project during the development stage and would also own, operate and maintain the facilities once operational. The project was scheduled to come online last year itself.

 

 

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