Royal Dutch Shell unit Sarawak Shell Bhd has transferred its 50 per cent stake as operator of the MLNG Dua liquefied natural gas (LNG) plant to the Malaysian state oil firm Petroliam Nasional Bhd (Petronas), Petronas said on Friday.
The Petronas statement did not give further details or any value attached to the move.
Petronas’ subsidiaries now wholly own the operator of the LNG producer in the Borneo state of Sarawak in Malaysia, according to a statement by Petronas. Shell operated MLNG Dua via a production sharing contract signed with Petronas since 1993.
Malaysia is the world’s second-largest exporter of LNG, according to the US Energy Information Administration.
LNG revenues made up some 2.7 percent of the Southeast Asia nation’s gross domestic product, according to World Bank data.
(Reporting by Yantoultra Ngui, editing by William Hardy)