MNGV, Jeffa form SPV.pdf
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Transcript of MNGV, Jeffa form SPV.pdf
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Saturday December 29, 2012
MNGV, Jeffa form SPVBy YVONNE TAN [email protected]
CA + Associates
Property
Page 1 of 4MNGV, Jeffa form SPV
12/31/2012http://biz.thestar.com.my/news/story.asp?file=/2012/12/29/business/12515165&sec=busi...
Rahmat (second from left) exchanging documents with Sayed Jaafar after the agreement signing. With them are (from left) MNGV executive director Datuk Muhammad Faizal Musa and Jeffa director Shahrul Yunus.
KUALA LUMPUR: Malaysian NGV Sdn Bhd (MNGV) and Jeffa Holdings
Sdn Bhd have formed a special purpose vehicle (SPV) to jointly
collaborate on a RM7bil investment comprising a regasification plant in
Pasir Gudang, Johor, and 200 natural gas stations nationwide.
The SPV, called Malaysian NGV Venture Capital Sdn Bhd, may issue
foreign-denominated bonds, including Islamic bonds, for the purpose of
financing the project, MNGV president and chief executive officer Rahmat
Ahmad said at a media briefing here yesterday.
The project is expected to be completed by 2016.
Jeffa, which will facilitate the funds for this project, has a 60% stake in the
SPV while the remaining stake is held by MNGV.
Of the RM7bil, RM3.6bil is to fund the plant and storage facilities,
RM2.4bil for Phase 1 of the construction of the gas station outlets while
the remaining RM1bil is for capital expenditure.
“We're still in discussions at the moment with local and foreign banks,”
said Jeffa executive chairman Datuk Sayed Jaafar Sayed Ibrahim when
asked to elaborate on the financing aspect of the project.
Upon completion, both MNGV and Jeffa will jointly operate the entire
project.
The plant will have a capacity of three million tonnes per annum of
liquefied natural gas (LNG) to support the initial 200 outlets, which will
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Page 2 of 4MNGV, Jeffa form SPV
12/31/2012http://biz.thestar.com.my/news/story.asp?file=/2012/12/29/business/12515165&sec=busi...
service the transportation sector as well as other industrial off-takers like
independent power producers.
He said MNGV would secure LNG supply from various global suppliers
such as Qatar Gas to be used in the production of natural gas although
no contracts for this had been finalised.
MNGV has secured the licence from the Government to import LNG,
process and distribute natural gas for local consumption
Currently, Petroliam Nasional Bhd has about 150 natural gas outlets
nationwide.
“I don't think demand will be an issue at all,” said Sayed Jaafar, adding
that natural gas was deemed to be a cheaper alternative to petrol.
The regasification project came on the Government's hope of reducing
fuel subsidies, he added.
Rahmat said plans were afoot for another regasification plant with a total
capacity of seven million tonnes per annum, possibly in the northern
region, and to have 1,000 natural gas stations nationwide by 2020.
Further, he also said that MNGV was considering a dual listing in five
years' time after its first plant was in full operation.
“We are considering a dual listing, possibly here and in New York in order
to tap demand from international markets,” he told StarBizWeek.
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