Malaysia LNG secures funding for third Bintulu LNG plant

May 2, 2001
Malaysia LNG Tiga Sdn. Bhd., a multinational joint venture, said it secured two loans worth $816 million to finance the construction of a liquefied natural gas plant and related facilities in Bintulu, Sarawak. The plant, which is Malaysia's third LNG production facility in Bintulu, is now 45% complete.


By the OGJ Online Staff

HOUSTON, May 2 -- Malaysia LNG Tiga Sdn. Bhd., a multinational joint venture, said it secured two loans worth $816 million to finance the construction of a liquefied natural gas plant and related facilities in Bintulu, Sarawak.

The plant, which is Malaysia's third LNG production facility in Bintulu, is now 45% complete. It will comprise two liquefaction trains, each with production capacity of 3.4 million tones/year.

Related facilities to be built include an LNG storage facility as well as an LNG loading jetty.

Scheduled to begin operation in 2003, the plant will make the Bintulu LNG complex the world's single largest LNG production facility with a combined capacity of about 23 million tones/year.

The loans comprise a $651 million, 13-year overseas investment credit facility provided by the Japan Bank for International Cooperation and a $165 million, 8.5-year term loan facility provided by a syndicate of seven international commercial banks, The Industrial Bank of Japan Ltd., The Bank of Tokyo Mitsubishi Ltd., Sakura Bank Ltd., Tokai Bank Ltd., Citibank Malaysia Ltd., Fuji Bank Ltd., and Dai-ichi Kangyo Bank Ltd.

MLNG Tiga is a joint venture between Malaysian state company Petronas, 60%; the Sarawak state government, 10%; Shell Gas BV, 15%; Nippon Oil LNG (Netherlands) BV, 10%; and Diamond Gas Netherlands BV, 5%.