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Petronas forms JV with MISC and Mustang Engineering

Sunday, May 17, 2009  ,  1 comment

KUALA LUMPUR, May 15 — Petronas International Corporation Ltd (PICL), a wholly-owned subsidiary of Petronas, has signed an agreement to form a joint-venture company with MISC Bhd and Mustang Engineering Ltd of the United Kingdom.The company will provide floating liquefied natural gas (LNG) engineering solutions and services worldwide, said Petronas in a statement today.According to Petronas, the company will also aspire to be a one-stop centre in delivering cost-effective engineering solutions to develop and monetise remote offshore gas reserves,...

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Petronas forms JV with MISC and Mustang Engineering

KUALA LUMPUR, May 15 — Petronas International Corporation Ltd (PICL), a wholly-owned subsidiary of Petronas, has signed an agreement to form a joint-venture company with MISC Bhd and Mustang Engineering Ltd of the United Kingdom.

The company will provide floating liquefied natural gas (LNG) engineering solutions and services worldwide, said Petronas in a statement today.

According to Petronas, the company will also aspire to be a one-stop centre in delivering cost-effective engineering solutions to develop and monetise remote offshore gas reserves, create high-value intellectual properties and offer best practices in floating LNG production storage and offloading project management and operations.

Petronas said the shareholding structure of the company would consist of PICL with 60 per cent of overall shares, follow by MISC 30 per cent and Mustang engineering, ten per cent.

Petronas stated that the partnership with MISC and Mustang Engineering is in line with its aspiration to grow further its leadership position in the global LNG business.

MSC is a marine transportation and logistics service company. Mustang engineering deals with among others, engineering, design, project management, and construction management services to the oil and gas industry. — Bernama
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