Malaysia's Petronas awards LNG vessel order to Hyundai Heavy Industries

Reuters

KUALA LUMPUR, Oct 11 (Reuters) - Malaysia's state oil firmPetroliam Nasional Bhd (Petronas) awarded SouthKorea's Hyundai Heavy Industries Co a contract tobuild four liquefied natural gas (LNG) carriers.

The contract includes options to order four additional LNGcarriers, Petronas said in a statement on Friday.

Hyundai Heavy Industries said earlier in the day that thevalue of the contract stood at $850 million with delivery of thevessels scheduled from the second half of 2016.

Petronas said its shipping arm MISC Berhad will act as theproject manager and technical consultant for the construction ofthese LNG carriers.

Petronas has previously said it would directly procurenewbuild liquefied natural gas (LNG) ships to bring down costs,as it makes a big push into the Canadian energy sector and seeksa licence from the authorities to export LNG.

Petronas - Malaysia's only Fortune 500 firm - will invest atotal of $35 billion over 30 years to develop shale oil fields,build two LNG trains and a pipeline to channel the supplies tothe Canada's West Coast and export to Asia. (Reporting By Yantoultra Ngui; Editing by Niluksi Koswanage)

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