Lower oil price is not a valid reason: SAPP

April 5, 2016

Dateline 2016-02-13, Daily Express:

Lower gas price is not a valid reason for the cancellation of the Lahad Datu Regasification Terminal which could have helped alleviate the energy woes of Sabah’s east coast region.

Sabah Progressive Party (SAPP) President Datuk Yong Teck Lee said the project was approved in 2012 and scheduled to be completed in 2015 and by the time oil and gas prices began to fall in the middle of last year, the project would have been completed or near completion.

“In any case, why would lower gas prices affect the Regasification Terminal investment? Would not lower gas prices make it more viable for our energy producer to produce cheaper electricity?” he said in a statement here, Friday.

Yong added that lower gas prices only means that Petronas Gas makes less profits from Sabah’s oil and gas.

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Terminates pact to develop regasification plant in Sabah

April 2, 2016

Dateline 2016-02-11, Nikkei Asean Review:

Petronas Gas and Sabah Energy Corporation have mutually terminated a pact to jointly develop a liquefied natural gas project in the Malaysian state of Sabah.

“In view of the prolonged uncertainty of the regasification terminal Lahad Datu Project, the parties to the Shareholders Agreement have mutually agreed to terminate the said SHA effective 10 February 2016,” Petronas Gas said in a stock exchange filing.

In September 2013, Petronas Gas, which processes natural gas and operates pipelines in Malaysia, had offered Sabah Energy to acquire up to a 20% equity stake in the project.  The estimated 0.76 million metric ton per year plant was scheduled to start operation last year but a violent insurgency in 2013 led to an indefinite suspension of the project.
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Malaysia’s Petronas Gas to spend $324.62 mil on Sabah regasification terminal

June 5, 2012

Dateline 2012-05-15:

Petronas Gas Bhd will spend some $324.6 mil (1 billion ringgit) to build its regasification terminal in Lahad Datu, Sabah.

Managing director and chief executive office Samsudin Miskon said the capital expenditure (capex) for the facility, which will convert liquefied natural gas (LNG) into gas, includes land and construction expenses.

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