KUALA LUMPUR: Petronas Gas Bhd (PetGas), through its 65%-owned subsidiary Pengerang LNG (Two) Sdn Bhd (PLNG2), has raised RM800 million via the issuance of Islamic medium-term notes (sukuk murabahah), further strengthening its funding position.
The sukuk was issued in 11 tranches with tenors ranging from five to 15 years, providing flexibility in terms of repayment and financial planning. The issuance reflects the company’s continued efforts to diversify its funding sources while maintaining a Shariah-compliant financing structure.
According to PetGas, the proceeds from the sukuk will be utilised for several key purposes, including payments related to the prepayment of the jetty usage agreement (JUA) and meeting ongoing obligations under the agreement. In addition, part of the funds will be used for working capital, capital expenditure, general corporate expenses, and contributions to the finance service reserve account.
The development follows an agreement signed in December last year between PLNG2 and Pengerang Terminals (Two) Sdn Bhd, which enables the early settlement of a portion of the financial obligations under the jetty usage arrangement.
Overall, the sukuk issuance is expected to enhance PLNG2’s financial flexibility and support its long-term operational and funding requirements.