Malaysian state energy firm Petroleum Sarawak (Petros) and Norwegian energy infrastructure firm Hoegh Evi said they have agreed to jointly develop a liquefied natural gas (LNG) import terminal in Sarawak, Malaysia.
The project will be Sarawak's first LNG import terminal, despite the state being home to the Bintulu complex, one of the world's largest LNG export hubs.
The terminal will comprise a floating storage and regasification unit (FSRU) that will be jointly developed, owned and operated by Petros and Hoegh Evi, and aims to deliver first gas by end-2029.
Besides supplying gas to the state of Sarawak, the terminal will also support other services, including small-scale LNG distribution, truck loading, bunkering, storage and reloading activities, according to separate statements from the companies.
Malaysia was the world's fifth-largest LNG exporter last year, shipping out over 28 million tons of the fuel, largely to buyers in China, Japan and South Korea, according to data from analytics firm Kpler.
Nearly all of the country's LNG is exported from the Bintulu complex, which is the flagship LNG facility of Malaysia's national energy producer Petronas.
(Reporting by Emily Chow in Singapore and Ashley Tang in Kuala Lumpur; editing by Lincoln Feast.)