Wedoany.com Reports-Sept 30, Mitsubishi Corp. has extended an existing 10 percent stake each in two of the four joint ventures comprising the Petronas LNG complex in Bintulu district, Sarawak state.

“The agreements outlined Mitsubishi Corporation’s investment in the Malaysia LNG (‘MLNG’) Dua and MLNG Tiga for the next decade with the extension of its 10 percent equity shareholding in MLNG Dua, and the reinvestment of a 10 percent equity shareholding in MLNG Tiga”, said a joint statement. The other two ventures implementing the project are MLNG and Petronas LNG 9.

The deals secure continued natural gas supply for Japan from the nine-train project, which has a total capacity of 29.3 million metric tons a year. The complex has been supplying Japan since 1983, according to Malaysia’s state-owned Petroliam Nasional Bhd. (Petronas). “PETRONAS LNG Complex is among the main LNG suppliers, providing lower-carbon energy solutions to a diverse range of public and private sector customers in Japan”, the statement said.

“This strategic partnership highlights Malaysia’s robust economic landscape, particularly in Sarawak, as an attractive destination for foreign direct investment”, said the statement published on the companies’ websites.

Mitsubishi president and chief executive Katsuya Nakanishi said, “Mitsubishi Corporation looks forward to providing continuous support in growing and nurturing access to global LNG market for PETRONAS’ future volumes with LNG being the fuel of choice in the age of energy transition”.

Natural gas is the diversified Japanese corporation’s main business in the Southeast Asian country. Upstream, Mitsubishi has participated in 10 gas blocks in Sarawak, which sits on the Malaysian side of Borneo island. Besides fossil fuels, it has expanded its presence to petrochemicals, automobiles, metal and steel, and food. Mitsubishi’s investment in Malaysia reached about MYR 5 billion ($1.2 billion) last year, according to the statement.

Earlier this year Mitsubishi, Petronas, ENEOS Corp. and JX Nippon Oil & Gas Exploration Corp. signed a memorandum of understanding for the potential creation of a carbon dioxide (CO2) capture and storage network between Malaysia and Japan.