Firms: Norton Rose Fulbright (JX Nippon Oil & Energy Corporation)
Deal: JX Nippon acquired a 10 per cent stake in Petronas LNG 9 Sdn Bhd
Value: More than US$400 million
Key players: The Norton Rose Fulbright team was led by partner Michael Joyce (pictured), who was assisted by senior associate Kathryn Martin.
Deal significance: JX Nippon Oil & Energy Corporation (JX Nippon) acquired a 10 per cent stake in Petronas LNG 9 Sdn Bhd (PL9SB), valued in excess of US$400 million.
PL9SB, a wholly-owned subsidiary of Petronas, owns the ninth LNG liquefaction train within the Petronas LNG Complex in Bintulu, Sarawak, Malaysia.
The train, with a production capacity of 3.6 million tonnes per annum, is expected to commence commercial operations in the first quarter of 2017.
As part of the transaction, JX Nippon and Petronas signed a marketing support agreement.
“We were pleased to have assisted JX Nippon on this important regional acquisition that will further its interests in the LNG liquefaction industry,” said Mr Joyce, Norton Rose Fulbright lead partner.
“The deal reflects the bright future for the oil and gas sector in the Asia-Pacific, and drew from our experience in two of our global priority industry areas of energy and transport.”