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MUHIBBAH ENGINEERING (M) BHD (“Muhibbah” or “the Company”) - AWARD OF CONTRACT FOR ENGINEERING, PROCUREMENT, CONSTRUCTION, INSTALLATION AND COMMISSIONING (EPCIC) ALLIANCE FOR THE LNG REGASIFICATION UNIT, ISLAND BERTH AND SUBSEA PIPELINE OF THE LNG REGASIFICATION PROJECT BY PETRONAS GAS BERHAD
 
General Announcement
Reference No CC-110126-62639

 

Submitting Merchant Bank
:
-  
Company Name
:
MUHIBBAH ENGINEERING (M) BHD  
Stock Name
:
MUHIBAH  
Date Announced
:
26/01/2011  

 

Type
:
Announcement
Subject
:
MUHIBBAH ENGINEERING (M) BHD (“Muhibbah” or “the Company”)
- AWARD OF CONTRACT FOR ENGINEERING, PROCUREMENT, CONSTRUCTION, INSTALLATION AND COMMISSIONING (EPCIC) ALLIANCE FOR THE LNG REGASIFICATION UNIT, ISLAND BERTH AND SUBSEA PIPELINE OF THE LNG REGASIFICATION PROJECT BY PETRONAS GAS BERHAD
 
Contents
:
The Board of Directors of Muhibbah (“the Board”) is pleased to announce that the Company in consortium with Perunding Ranhill Worley Sdn. Bhd. (“the Consortium”) has been awarded the contract for the Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) Alliance for the LNG Regasification Unit, Island Berth and Subsea Pipeline of the LNG Regasification Project from PETRONAS Gas Berhad (“PGB”) (“the Contract”) on 26 January 2011 for a provisional contract value of approximately RM1.07 billion.

Under the Contract, the Consortium will undertake the construction of the LNG Regasification Unit, Island Berth and Subsea Pipeline (“the Facilities”). The Facilities, which will be located within the vicinity of Sungai Udang Port, Melaka will have a maximum send-out gas capacity of 3.8 million tonnes per annum. Central to the whole Facilities is the LNG Regasification Plant which will regasify liquefied natural gas and once regasified, the gas will be transmitted into the Peninsular Gas Utilisation (“PGU”) pipeline network.

The construction works will commence in April 2011 and is expected to be completed at the end of July 2012.

None of the Directors and/or major shareholders and persons connected to the Directors and/or major shareholders have any interest, direct or indirect, in the Contract.

The Contract is expected to contribute positively to the earnings and net assets of Muhibbah Group for the current and future financial years.

The Contract does not have any impact on the share capital and/or shareholding structure of Muhibbah.

The Board, after considering all the relevant factors, is of the opinion that the Contract is in the best interest of Muhibbah Group.

This announcement is dated 26 January 2011.
 
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