Petronas and Yayasan Hartanah Bumiputera Sarawak ink agreement and MoU

24-Apr-17

Petronas and Yayasan Hartanah Bumiputera Sarawak (YHBS) have signed an agreement and a memorandum of understanding (MoU) as part of commitment to support the development and growth of the petrochemical industry in Sarawak, as per theborneopost.com.

The move was in line with the state government’s aspiration to advance the state as a petrochemical hub and to add value to the state’s natural gas resources. The first agreement relates to the key terms for the supply of 140 mmscfd of natural gas to YHBS’ proposed methanol plant in Tanjung Kidurong, Bintulu that will produce methanol and methanol derivatives. The key terms include the price, volume and period of gas supply by Petronas to YHBS. The agreement is a prelude to the gas sales agreement (GSA) to be signed by Petronas and YHBS at a later date.

At the same event, Petronas chemicals Marketing (Labuan) Ltd (PCML) and YHBS also signed an MoU on a sale and purchase agreement for methanol produced by YHBS’ proposed Tanjung Kidurong methanol plant. Signing on behalf of PCML was its chief executive officer Akbar Md Thayoob and witnessed by the company’s head of marketing and sales (methanol), Shahrom Muhammad Yusuf. YHBS was represented by Abdul Aziz and witnessed by Muhammad Abdullah.