Gas Malaysia subsidiary gets 10-year licence to import LNG

KUALA LUMPUR: Malaysia’s Energy Commission has granted Gas Malaysia Bhd’s wholly-owned subsidiary Gas Malaysia Energy and Services Sdn Bhd (GMES) a 10-year licence to import liquefied natural gas (LNG) for regasification in the country.

In a statement to Bursa Malaysia yesterday, Gas Malaysia said the licence allows GMES to import LNG into Malaysia by any means other than by trans-shipment.

“The licence has been granted under the Gas Supply Act 1993 (Act 501) [as amended by the Gas Supply (Amendment) Act 2016] and will take effect commencing [March 17, 2020] and shall be valid for a period of 10 years.

“The issuance of the licence will have no material effect on the earnings and financial position of Gas Malaysia Group for the financial year ending [Dec 31, 2020],” Gas Malaysia said.

Gas Malaysia’s share price closed one sen or 0.39% higher at RM2.56 yesterday, valuing the company at RM3.29 billion. The stock saw some two million  shares traded.