Global law firm Norton Rose Fulbright has advised JX Nippon Oil & Energy Corporation on its acquisition of a 10 per cent stake in Petronas LNG 9 Sdn Bhd (PL9SB), valued in excess of US $400 million.

PL9SB is a wholly owned subsidiary of Petronas.  As part of the transaction, JX and Petronas signed a marketing support agreement.

PL9SB 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.

Norton Rose Fulbright partner Michael Joyce, who led the deal, commented:

“We were pleased to have assisted JX Nippon on this important regional acquisition that will further its interests in the LNG liquefaction industry. 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.”

Michael Joyce was assisted by Sydney-based senior associate Kathryn Martin. Our Sydney team worked with local Malaysian law firm Skrine to complete the deal.