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Kuala Lumpur, 8 March 2019 – PETRONAS today announced a strong performance for its financial year ended 31 December 2018, contributed by the Group’s continuous focus on fiscal discipline and operational excellence while improving efficiencies, despite a volatile market.
The Group’s revenue increased by 12 per cent to RM251.0 billion compared to RM223.6 billion in the financial year ended 31 December 2017, mainly due to higher average realised prices for all key products. The increase was partially offset by the effect of the strengthening of the Ringgit against US Dollar exchange rate, coupled with the impact of lower sales volume, mainly for LNG.
PETRONAS’ Profit after Tax (PAT) rose by 22 per cent in 2018, to RM55.3 billion, compared to RM45.5 billion in 2017, on the back of higher revenue and supported by net write-back of impairment on assets. These were partially offset by higher net product and production costs, depreciation and amortisation as well as tax expenses.
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for 2018, increased by 27 per cent to RM116.5 billion, from RM92.0 billion in 2017, in line with higher Profit Before Tax (PBT).
Cash flows from operating activities improved to RM86.3 billion, an increase of 14 per cent from RM75.7 billion in 2017.
Total assets increased to RM636.3 billion as at 31 December 2018, compared to RM599.8 billion recorded in 2017. 
Shareholders’ equity stood at RM380.5 billion, a decrease of RM9.3 billion compared to 2017. The profit generated in 2018 was offset by dividends declared during the year.

Return on Average Capital Employed (ROACE) increased to 12.0 per cent compared to 9.8 per cent in 2017, reflecting the higher profit generated during the year. 
Gearing ratio increased to 19.7 per cent as at 2018, compared to 16.1 per cent as at 2017, arising from additional provision for the decommissioning of assets following the revision of estimated abandonment costs for oil and gas properties, coupled with lower shareholders’ equity.

Capital investments for 2018, amounting to RM46.8 billion, was mainly attributed to Upstream projects in support of the Group’s operational excellence and growth strategies.
For the fourth quarter of 2018, the Group’s revenue rose to RM69.9 billion, 13 per cent higher compared to RM61.8 billion in the fourth quarter of 2017, mainly due to the impact of higher average realised prices for all key products. However, this was partially offset by the impact of lower sales volume, mainly for LNG.
PAT stood at RM14.3 billion, a decrease of 21 per cent compared to RM18.2 billion in the fourth quarter of 2017, primarily due to higher product costs, depreciation and amortisation as well as petroleum proceeds. 
EBITDA increased by 47 per cent to RM37.3 billion, compared to RM25.3 billion in the fourth quarter of 2017, mainly due to higher average realised prices.
Similarly, cash flows from operating activities increased by 68 per cent to RM30.1 billion as compared to RM17.9 billion in the fourth quarter of 2017.
Capital investments for the fourth quarter of 2018, amounted to RM20.3 billion, mainly attributed to growth projects for Upstream business.

OutlookThe oil and gas industry will continue to operate in a challenging environment arising from market uncertainties and geopolitical risks. Despite these challenges, the Group will continue to focus on its operational excellence and growth strategies. The Board expects the financial performance for 2019 to be affected by the movements in prices.

Tan Sri Wan Zulkiflee Wan Ariffin, President and Group Chief Executive Officer, PETRONAS
“PETRONAS has recorded a strong financial performance in 2018, supported by our ongoing drive to increase operational efficiency and commercial excellence. We have made progress in the pursuit of our long-term strategies and continue to invest for the future.
The oil price is expected to remain volatile in 2019, and uncertainty in various fronts will have a significant impact on prices. For the year ahead, we will remain focused on driving high performance, efficiency and operational excellence and continue to deliver value to our stakeholders and ensure PETRONAS’ long-term sustainability. Looking beyond the horizon, many external challenges will require us to remain agile and continue with our efforts to strengthen our organisation.”

Kuala Lumpur, 8 March 2019 – PETRONAS today announced a strong performance for its financial year ended 31 December 2018, contributed by the Group’s continuous focus on fiscal discipline and operational excellence while improving efficiencies, despite a volatile market.
The Group’s revenue increased by 12 per cent to RM251.0 billion compared to RM223.6 billion in the financial year ended 31 December 2017, mainly due to higher average realised prices for all key products. The increase was partially offset by the effect of the strengthening of the Ringgit against US Dollar exchange rate, coupled with the impact of lower sales volume, mainly for LNG.
PETRONAS’ Profit after Tax (PAT) rose by 22 per cent in 2018, to RM55.3 billion, compared to RM45.5 billion in 2017, on the back of higher revenue and supported by net write-back of impairment on assets. These were partially offset by higher net product and production costs, depreciation and amortisation as well as tax expenses.
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for 2018, increased by 27 per cent to RM116.5 billion, from RM92.0 billion in 2017, in line with higher Profit Before Tax (PBT).
Cash flows from operating activities improved to RM86.3 billion, an increase of 14 per cent from RM75.7 billion in 2017.
Total assets increased to RM636.3 billion as at 31 December 2018, compared to RM599.8 billion recorded in 2017. 
Shareholders’ equity stood at RM380.5 billion, a decrease of RM9.3 billion compared to 2017. The profit generated in 2018 was offset by dividends declared during the year.

Return on Average Capital Employed (ROACE) increased to 12.0 per cent compared to 9.8 per cent in 2017, reflecting the higher profit generated during the year. 
Gearing ratio increased to 19.7 per cent as at 2018, compared to 16.1 per cent as at 2017, arising from additional provision for the decommissioning of assets following the revision of estimated abandonment costs for oil and gas properties, coupled with lower shareholders’ equity.

Capital investments for 2018, amounting to RM46.8 billion, was mainly attributed to Upstream projects in support of the Group’s operational excellence and growth strategies.
For the fourth quarter of 2018, the Group’s revenue rose to RM69.9 billion, 13 per cent higher compared to RM61.8 billion in the fourth quarter of 2017, mainly due to the impact of higher average realised prices for all key products. However, this was partially offset by the impact of lower sales volume, mainly for LNG.
PAT stood at RM14.3 billion, a decrease of 21 per cent compared to RM18.2 billion in the fourth quarter of 2017, primarily due to higher product costs, depreciation and amortisation as well as petroleum proceeds. 
EBITDA increased by 47 per cent to RM37.3 billion, compared to RM25.3 billion in the fourth quarter of 2017, mainly due to higher average realised prices.
Similarly, cash flows from operating activities increased by 68 per cent to RM30.1 billion as compared to RM17.9 billion in the fourth quarter of 2017.
Capital investments for the fourth quarter of 2018, amounted to RM20.3 billion, mainly attributed to growth projects for Upstream business.

OutlookThe oil and gas industry will continue to operate in a challenging environment arising from market uncertainties and geopolitical risks. Despite these challenges, the Group will continue to focus on its operational excellence and growth strategies. The Board expects the financial performance for 2019 to be affected by the movements in prices.

Tan Sri Wan Zulkiflee Wan Ariffin, President and Group Chief Executive Officer, PETRONAS
“PETRONAS has recorded a strong financial performance in 2018, supported by our ongoing drive to increase operational efficiency and commercial excellence. We have made progress in the pursuit of our long-term strategies and continue to invest for the future.
The oil price is expected to remain volatile in 2019, and uncertainty in various fronts will have a significant impact on prices. For the year ahead, we will remain focused on driving high performance, efficiency and operational excellence and continue to deliver value to our stakeholders and ensure PETRONAS’ long-term sustainability. Looking beyond the horizon, many external challenges will require us to remain agile and continue with our efforts to strengthen our organisation.”

Sabah, 13 March 2019 – PETRONAS relocates its Floating Liquefied Natural Gas (FLNG) facility, PETRONAS FLNG (PFLNG) Satu, from the Kumang cluster field, offshore Sarawak, to the Kebabangan (KBB) cluster field, offshore Sabah, yesterday.

The PFLNG Satu will be moored at a water depth of 120 metres in the KBB cluster field, located 90 kilometres northwest of Kota Kinabalu, Sabah.

PETRONAS Executive Vice President and Chief Executive Officer Upstream Datuk Mohd Anuar Taib said PFLNG Satu’s technology, featuring the capability to move from one location to another will strengthen the reliability of PETRONAS’ LNG supply system to meet growing LNG demand.

“PETRONAS has delivered 19 successful cargoes since the commissioning of PFLNG Satu and we are confident that this success continues in Sabah waters as well,” he added. 

Designed to last up to 20 years without dry-docking, the 365-meter long PFLNG Satu is expected to be able to produce 1.2 million tonnes of LNG per year. It also complements PETRONAS’ global LNG portfolio, making it a leader in FLNG technology and enhancing its reputation as a preferred and reliable LNG supplier.

Issued by

Media Engagement

Group Strategic Communications 

PETRONAS

19 March 2019, Kuala Lumpur – The Merdeka Award Trust is pleased to announce that the 2019 Merdeka Award Grant for International Attachment is now open for application.  The Grant aims to identify and recognise outstanding young Malaysians whose work demonstrates a commitment to excellence, and support their journey to become young leaders who are driven to make a positive difference to Malaysia and the lives of Malaysians. 
Each year the Grant is awarded to qualified Malaysians between the ages of 22 and 35, to engage in short-term (up to three months) collaborative programmes at globally-renowned host institutions and organisations. 
The Grant covers a broad range of disciplines such as education, visual and performing arts, sports, heritage, community and social work, economics, finance, environment, health, science and technology. 
This opportunity will allow the successful Grant recipient to establish contact and working relationships with other experts in their field of study, share knowledge and expertise in which they can utilise these relationships and further build their body of work, while also serving as role models to other Malaysians.  
Grant applicants will have to go through a three-step Selection Process – first by the Merdeka Award Secretariat; second by a Selection Committee comprising representatives from the three founding partners of the Merdeka Award – PETRONAS, ExxonMobil and Shell; and finally by the Merdeka Award Board of Trustees.The recipient will have to complete the attachment within a year of being awarded the Grant.  Since its introduction in 2012, a total of 14 young Malaysians have successfully received the grant, with 11 of them having completed their attachments at an international institution of their choice. The remaining three who received the Grant in 2018, will be pursuing their attachments this year. 
The closing date to apply for the 2019 Merdeka Award Grant for International Attachment is 1 May 2019. All applications must be made online at http://www.merdekaaward.my/The-Grant/Application.aspx. 
For more information about the Merdeka Award and its activities, please visit the following sites:
Website: www.merdekaaward.my Facebook: http://j.mp/merdekaaward Instagram: https://www.instagram.com/merdekaaward/-ENDS-
ABOUT THE MERDEKA AWARDThe Merdeka Award was established by PETRONAS, ExxonMobil and Shell on 27th August 2007 to recognise and reward excellent individuals and organisations whose works and achievements have contributed to the nation’s growth and inspired greatness in the people of Malaysia. 
It is a prestigious award that honours the outstanding work and achievements that have made an impact on the nation and its people in the following categories, namely Education and Community; Environment; Health, Science and Technology; Outstanding Scholastic Achievement; and Outstanding Contribution to the People of Malaysia. 
In 2012, the Merdeka Award Grant for International Attachment was introduced as a complementary programme to the Merdeka Award to nurture promising young Malaysians and support them in their journey of excellence. It is hoped that the Grant can elevate Malaysia’s future generation to one day be recognised among the Merdeka Award recipients.

KUALA LUMPUR, 28 March 2019 – PETRONAS continues to enhance its education and communication activities to promote integrity with another round of Corporate Integrity Advocacy Programme (CIAP) for its top management. 
The CIAP 2019 event, with the theme on “Corporate Liability – A Change in Corporate Integrity Landscape” will address the change in the corporate integrity landscape after the introduction of the corporate liability clause in the Malaysian Anti-Corruption Commission (Amendment) Act 2018.
The clause not only imposes liability on companies but also accord strict personal liability on their officers and members of senior management. The provision also has extra-territorial reach as it covers locally incorporated companies and partnership, as well as companies and partnerships incorporated overseas with business presence in Malaysia.  Senior Vice President & Group General Counsel Maliki Kamal Mohd Yasin, who represented PETRONAS President & Group CEO Tan Sri Wan Zulkiflee Wan Ariffin, at the event, highlighted that PETRONAS’ zero tolerance to bribery and corruption is crucial in maintaining an ethical, law-abiding culture which provides enormous benefit to the organisation.
“In June 2017, PETRONAS Management had signed the Corruption-Free Pledge (CFP), to strengthen the Company’s resolve towards becoming a graft-free organisation. The signing of the pledge signified continuous commitment in upholding high standards of governance and in combating any form of corruption within the organisation. The Company was also among the first in Malaysia to be certified with ISO 37001: Anti Bribery Management System certification in November 2017,” he added.
PETRONAS Chief Integrity Officer, Dato’ Rohaizad Yaakob said that the corporate liability clause requires all commercial organisations to take real measures to ensure their businesses do not participate in corrupt practices.
“PETRONAS has already subscribed to UK Bribery Act 2010 (UKBA), one of the internationally recognised laws on anti-corruption, as well as putting in place adequate measures as prescribed by the UKBA, including the establishment of PETRONAS Integrity Compliance Framework (PICF) in 2012,” he said.
The event today also signifies PETRONAS’ strong commitment in supporting the National Anti-Corruption Plan (NACP) with the attendance of Tan Sri Abu Kassim Mohamed, Director General of Governance, Integrity and Anti-Corruption Centre (GIACC). In the NACP (Strategy 6), corporate entities are required, among others, to inculcate good governance and establish greater resilience against the threat of corruption. 

Shanghai, 5 April 2019 – PETRONAS, with its growing portfolio of LNG supply sources in Malaysia, Australia, Egypt and soon in Canada, is well-positioned to provide clean energy through its flexible and innovative LNG solutions to existing and new demand markets, as well as to emerging trading hubs. 

PETRONAS President and Group Chief Executive Officer Tan Sri Wan Zulkiflee Wan Ariffin said: “Asia, backed by its growing middle class, needs clean energy to fuel its growth, and LNG is well positioned as the most significant source of clean energy as it is abundant, environmentally-friendly and economically competitive.” He said this during his plenary session titled ‘The New LNG Markets’, at the recent 19th International Conference & Exhibition on Liquefied Natural Gas (LNG 2019), here.

“Since the first LNG cargo in 1964, global demand for LNG has grown to exceed a record of 300 mtpa for the first time in 2018, and is now forecasted to increase by another 100 mtpa in just the next four years. This growth trajectory reflects the global aspirations of countries in pursuing prosperity while ensuring sustainability, hence, driving demand for clean energy,” he added.

Tan Sri Wan Zulkiflee also shared his observation on the new LNG demand landscape which will come from China’s future energy requirements, limitations in infrastructures of untapped areas in new LNG markets of the Indian Subcontinent and ASEAN, as well as emerging trading hubs from developed LNG spot markets. However, he said these demands can only be fully served if there are concerted efforts from both government and industry players in co-creating a sustainable market environment.

PETRONAS has pushed boundaries with the successful construction and operation of the first floating LNG facility, PFLNG Satu, and is on track for the delivery of its second floating facility in 2020. In addition, PETRONAS has also performed break-bulking ship-to-ship transfer and is pursuing smaller-scale LNG solutions such as LNG bunkering and Virtual Pipeline Systems via ISO-tanks to transport LNG.

With over 30 years of experience, more than 10,000 cargoes delivered to date and a total LNG production capacity of more than 34 mtpa, PETRONAS is actively developing both traditional and emerging gas markets with its partners, in line with its statement of purpose to be a progressive energy and solutions partner, enriching lives for a sustainable future.

Issued byMedia EngagementGroup Strategic Communications 
PETRONAS

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Kuala Lumpur, 16 April 2019 – Can You Hack It, a 24-hour hackathon by Hong Leong Bank Berhad (“HLB” or “the Bank”) is back for the second time following its debut success last year. Registration is now open and more information is available at https://www.hlb.com.my/canyouhackit/. You’d better hurry though as the closing date for entries to the event is soon!

To be held on 27 and 28 April 2019 at Menara Hong Leong in Damansara City, Can You Hack It is a unique initiative by HLB under its digital innovation push, offering prizes of RM15,000 in cash, potential employment opportunities at Malaysia’s Best Digital Bank (as named by AsiaMoney Awards 2018), and even further funding and support for incubator or accelerator programmes for promising projects that are presented.

Last year’s Can You Hack It, participant Aaron Chuah, 20, from Inti International College Subang

has joined HLB as an intern at its IT Centre of Excellence in January 2019 said, “The highlight of my experience at the hackathon was watching the top 10 group presentations as I learned that applications not only need to be functional but must also have creative features to increase usage. I’m excited at the chance of being hired as a full-time employee at the Bank after I graduate because Hong Leong Bank is one of the more technologically savvy banks in Malaysia. The working environment here is very conducive for tech innovation, which gives people like me the opportunity to learn more and enhance my IT skillset.”

For others, like IT graduate Tan Chun Keat, 27, who was hired as a full-time employee of Hong Leong Bank in February 2019 after his participation in last year’s hackathon, it was his experience as a first-timer at Can You Hack It thatchanged his perception of technology inthe industry. “Our idea was to create a web app to make it easier for SMEs to apply for loans, using automation. It was such an educational experience. I’m a developer in Group Operations & Technology now, but it was during the hackathon that I was truly exposed to how ideas can influence the way that banking works, to make things better.”

But what does it take to win a challenge like this, impress the judges, and potentially take home the prize money or even a job with one of Malaysia’s leading financial brands?

We thought you’d ask – so we spoke to former winners and gathered a quick list for you to HACK THE HACKATHON!:

1. Know what you’re there for. A hackathon – especially at a financial institution – is not a place to wander in unprepared. It’s a fun, easy environment to get access to an industry that loves to know everything about everything! So take the time to read the hackathon’s website. Understand what judges will be looking for. And be clear about what you think you can bring to the table

• The idea matters. It’s easy to get caught up with technology and want to use the latest, shiniest tech to build your solution. Focus instead on the idea that you’re building and why that matters to a company, a bank, and its customers. Then find the right technology for it. Trust us – if it works, that is all that matters!

• Test every idea. Hackathons are a great place to build ideas that you have been thinking about. Test them there and if it works, great. If not, you’ve learnt a valuable lesson as well. More importantly, you’re getting access to mentors who can give you invaluable feedback; and you get to see how other teams are approaching their ideas. Be willing to build fast, test often, and learn as you adapt. And most importantly – ask for help. Hackathons are a great place to learn, make friends, gain knowledge and grow.

• You need a team. Sure you can show up and try to pair up there. But there’s nothing quite like showing up with a team that already knows what it wants, and how it’s going to get it. Hackathons can help to draw your people into a more cohesive fighting unit, and making sure that everyone – not just the techies – have a role to play in making the dream come true.

• Present yourself. Great ideas don’t work if people don’t understand them. So be sure to think about how you can share that amazing new function, feature, or product you want to build with the judges even before you start building it. Simple language and great images are one way to go. Examples and stories are another. Find a style that works for you and use it!

A collaboration with JomHack Malaysia, Google Cloud and Rakuten RapidAPI, Can You Hack It is one of the Bank’s initiatives in solving the challenge of hiring fit-for-future talent while immediately rewarding individuals and teams who demonstrate innovation and great ideas for better banking.

Can You Hack It is designed to allow participants to propose their ideas or solve problem statements provided by the Bank, for a better digital banking experience or new financial services, products, coding and validating them, and then demonstrating a working prototype to a panel of HLB’s key executives and observers from the local digital industry and VC scene. With over 150 FinTech developers and designers in one place, it will explore the limits of their imagination in the field of financial products, banking experiences, and in the discovery of new uses for existing technologies.

To find out more information on Can You Hack It, visit https://www.hlb.com.my/canyouhackit/  

KUALA LUMPUR, 16 APRIL 2019 – Grab today announced that Malaysia’s fastest growing food delivery service, GrabFood, will be ‘moving back home’ to Grab, the Everyday Super App. This move will see a more convenient app experience for partner restaurants and delivery partners whilst GrabFood customers no longer need to have a separate app. This milestone which is timely with GrabFood’s first anniversary of delivering Malaysia’s local and favourite delicacies right into the hands of food lovers, further strengthens Grab’s position as Southeast Asia’s leading everyday super app. “The early days of GrabFood was challenging, but we embraced the challenges and lessons learnt. Together with our partner restaurants, we organised uniquely localised campaigns like The People’s Pick, BubbleTeatime and BokBokBokBuster that was aimed at delighting GrabFood customers with their favourite food, and soon, earned our way to Malaysians’ hearts. Since our launch last year, our orders have been steadily growing by 30% on a monthly basis, and to-date, we have completed more than two million deliveries! This is a testament that our food delivery service has undoubtedly provided another layer of convenience to our customer’s everyday experience. Therefore, the move to integrate the GrabFood app with the Grab app will bring more value and opportunities to all who are part of GrabFood’s ecosystem,” said Sean Goh, Country Head of Grab Malaysia. An Overall Enhanced App Experience for All Goh shared that this move will have a positive three-prong effect on customers, partner restaurants and riders alike, offering an overall intuitive app experience. Firstly, customers will be spoilt for choice with more food options. Since launch, the number of GrabFood partner restaurants have grown from a modest hundreds over to thousands of customers’ favourite restaurants today. Adding to the excitement, GrabFood also welcomed other exclusive partners such as Village Park Restaurant, Humble Chef, Murni Discovery, Salad Atelier, Texas Chicken and more to its continuously growing stable of restaurants on the app. Other benefits customers will enjoy are: ● Instantly check out the latest promotions and featured restaurants on the GrabFood homescreen. ● Access to key information relating to restaurants upfront, such as closing times, ratings by other fellow customers and distance from the restaurants. ● Conveniently redeem and use GrabRewards vouchers with a simple click. ● Communicate with riders conveniently and for free with GrabChat to check up on order or provide special instructions like “Please ring doorbell.” Restaurant partners on the other hand, will have direct access to the millions of Grab users in Malaysia. This is important especially for small and home-based establishments who prior to this, do not have the means to grow their business beyond their current store front. “With access to a much wider customer base, they can no doubt expect more orders! And whilst that may be daunting for those in the food service industry, they will have the flexibility to manage their own “online restaurant.” For example, they can opt to ‘temporarily close’ when the kitchen is busy and therefore, do not want to extend waiting time to hamper their customer’s experience,” said Goh. Since launch, restaurants on GrabFood has recorded a typical 10 to 20% increase in revenue. In view of GrabFood merging into the Grab app, their deliveries are expected to increase by at least 2x. More orders for these restaurants equate to more earnings for our fleet of delivery-partners. With our thousands of delivery-partners ready to deliver and serve their customers, delivery-partners are excited for the new app experience as it will give them a more autonomous view of their total earnings. This will enable them to manage their daily expenses and savings better, and thus, have more control in building a better livelihood. Ku Mohd Zulizy Ku Ibrahim who has been a GrabFood delivery partner since the early beta testing days is one of the longest and most active delivery-partner, clocking up close to 5,000 deliveries to-date. “One of the reasons that inspire me to do my best as a GrabFood delivery partner is how the company takes time to listen to our concerns, suggestions and takes care of our welfare. They have organised benefits for us such as pit-stop areas to rest in between jobs, raincoats and face mask to brave through bad weather and also discounted motorcycle service.” GrabFood is Going Places Moving into the second year, Grab will be taking the food delivery service simultaneously to other cities, namely Penang, Melaka, Johor Bahru, Kuching and Kota Kinabalu. Therefore, foodies can just sit back, relax and have their favourite quick service restaurants delivered straight to them. The progressive migration of the GrabFood app into the Grab app will begin on April 17, while the GrabFood service will be rolling out in the other five cities beginning April 22, 2019. “The migration and expansion to the other cities should complete by mid May and customers can look forward to continuous updates and improvements. We welcome feedback and suggestions from our customers, especially in our new five cities of restaurants they want to see on GrabFood,” added Goh. =

Pengerang, 25 April 2019 – PETRONAS through its subsidiary, PETRONAS LNG Ltd (PLL), now offers commercial Gassing Up and Cooling Down (GUCD) services at the Liquefied Natural Gas (LNG) Regasification Terminal Pengerang (RGTP), through a collaboration with Pengerang LNG (Two) Sdn Bhd (PLNG2).

The terminal is owned by PLNG2, which is a joint venture among PETRONAS Gas Berhad, Dialog LNG Sdn Bhd and Permodalan Darul Ta’zim Sdn Bhd.

The recent completion of the GUCD for PETRONAS vessel Puteri Zamrud Satu marks a significant milestone for GUCD at the RGTP. The GUCD took place after Puteri Zamrud Satu’s departure from the Malaysia Marine and Heavy Engineering (MMHE) dry dock in Pasir Gudang, Johor. This GUCD operation signifies the first of many potential utilisation of GUCD services at the RGTP by other LNG vessel operators and owners due to its strategic location along the Straits of Johor.

GUCD is a specialised service to displace the inert gas from the LNG vessel’s storage tanks and it is cooled down to cryogenic temperature (minus 160 degrees Celsius). This process is required for LNG vessels, typically post dry dock, before the vessel’s next LNG cargo loading.

PLL Chief Executive Officer Ezhar Yazid Jaafar said: “The GUCD services at RGTP solidifies PETRONAS’ position as a progressive LNG solutions partner, offering flexible and diversified solutions to cater to the needs of our growing customers’ requirements.”

PLL also signed a Marine Services Agreement with Johor Port Berhad (JPB) for the provision of marine services, which include offering attractive tariff to LNG vessels utilising GUCD services from PLL at RGTP. The collaborative effort with JPB and Johor Port Authority (JPA) will encourage more vessel operators and owners to utilise the services at RGTP due to its close proximity to shipyards in Malaysia and Singapore.  

RGTP is Malaysia’s second LNG regasification terminal after Regasification Terminal Sungai Udang (RGTSU), built primarily to serve the refinery and petrochemical customers at the Pengerang Integrated Complex (PIC). RGTP features two LNG storage tanks with a total capacity of 400,000 m3.

Issued by

Media Engagement

Group Strategic Communications 

PETRONAS

Kuala Lumpur, 26 April 2019 – PETRONAS through its subsidiary, PETRONAS Petróleo Brasil Ltda. (PPBL) entered into a Sale and Purchase Agreement (SPA) with Petróleo Brasileiro S.A. (Petrobras), Brazil’s petroleum multinational corporation, for a 50 per cent equity in the Tartaruga Verde field (BM-C-36 Concession) and its facilities, Module III of the Espadarte field, both located in deep waters of the Campos Basin, offshore Brazil.
The signing of the SPA was formalised today in Rio de Janeiro, Brazil. The completion of the transaction is subject to the closing conditions, including the approval from the Brazilian Administrative Council for Economic Defense and the Brazilian National Agency of Petroleum, Natural Gas and Biofuels. 
PPBL will hold a 50 per cent stake, while Petrobras as the Operator, holds the remaining 50 per cent stake. The acquisition of equity in Tartaruga Verde and Module III of Espadarte fields marks an important milestone for PETRONAS as the company diversifies and expands its oil business portfolio in South America.
Issued by
Media EngagementGroup Strategic Communications PETRONAS