MISC and Pengerang LNG executives at the signing ceremony. Credit: MISC.

MISC Berhad (MISC), a Malaysian shipping company, has signed a binding agreement with Petronas Gas subsidiary Pengerang LNG for a liquefied natural gas (LNG) floating storage unit (FSU).

This deal will focus on the supply, operation and maintenance of a floating LNG storage unit.

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The facility will be deployed at Petronas LNG Regasification Terminal Pengerang in Johor, Malaysia.

MISC said the collaboration builds on an existing partnership between MISC and Petronas Gas.

In 2012, the companies successfully deployed the Tenaga Satu and Tenaga Empat FSUs at the Melaka-based LNG Regasification Terminal Sungai Udang.

Under the latest partnership, Puteri Delima Satu, an LNG carrier owned by MISC, will be converted into an FSU.

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The FSU, which has a 20-year contract with options for an extension based on mutual agreement, is designed to use shore power to minimise emissions while increasing operational efficiency.

It is scheduled to commence commercial operation by the second quarter of 2025.

MISC vice-president of gas assets & solutions (GAS) Hazrin Hasan said: “This partnership represents more than just a new chapter in our collaboration; it embodies the essence of progress and shared commitment between the two parties.

“By repurposing and redeploying our existing assets and drawing on our experience from operating FSU Tenaga Satu and FSU Tenaga Empat, we are not only creating a revenue-generating opportunity but also driving better shareholder returns.”

In October 2023, Petronas signed a production sharing contract with Ping Petroleum for the offshore Abu Cluster.

The Abu Cluster comprises three fields that are developed, namely Abu, Abu Kecil and Abu SW Upthrown.