Gas Malaysia, backed by billionaire Syed Mokhtar Albukhary’s MMC Corporation, has gained regulatory approval for a liquefied natural gas facility in Malaysia with an estimated development cost of up to RM3 billion (US$765 million).
The regasification and floating storage unit, known as RGT Yan, will be built offshore near the town of Yan in the northwestern Malaysian state of Kedah. It is expected to process up to six million tonnes of gas annually when operations begin in 2029, the New Straits Times reported on Wednesday.
The firm said the approval does not constitute a final investment decision and remains subject to conditions set by the country’s Energy Commission.
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Gas Malaysia’s office. Photo from the company’s website |
The facility is part of the Pulau Bunting Integrated Development, a RM14.4 billion project launched in September 2022 that also includes a 1,600MW combined cycle gas turbine power plant and a ship-to-ship gas transfer hub.
Following the approval, shares of Gas Malaysia jumped to a record RM5.63 before easing to RM5.60 on Thursday, bringing its market cap to RM7.19 billion, as reported by The Edge Malaysia.
Syed Mokhtar Albukhary began his career as a rice trader after dropping out of high school and went on to become a billionaire with an estimated net worth of $3.6 billion, according to Forbes’ real-time rankings. He placed 11th on the magazine’s list of Malaysia’s richest people last April.
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Malaysian tycoon Syed Mokhtar Albukhary talks to Reuters during an interview in Kuala Lumpur on Dec. 9, 2003. Photo by Reuters |
Much of his wealth is derived from his stakes in automotive group DRB-HICOM and MMC, which operates several ports and cruise terminals in Malaysia, along with the Senai International Airport.
MMC had planned to go public last year but decided to postpone the listing after receiving regulatory approval so that it could include its full-year 2025 financial results, according to Reuters.
