Norton Rose Fulbright advised JX Nippon Oil & Energy Corporation on the acquisition of a 10% stake in Petronas LNG 9 (PL9SB), a wholly owned subsidiary of Petronas valued at more than US$400 million.
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Norton Rose said in a statement that 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 Sarawak, Malaysia, which is expected to commence commercial operations in the first quarter of next year.
“We were pleased to have assisted JX Nippon on this important regional acquisition,” said Norton Rose partner Michael Joyce, who led the firm’s team in Sydney. “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.”
Legal Counsel: Michael Joyce was assisted by Sydney-based senior associate Kathryn Martin, and the Sydney team worked with local Malaysian law firm Skrine to complete the deal.
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