HOUSTON -- Mustang has entered into a joint venture with PETRONAS and MISC Berhad (MISC) to develop integrated floating LNG liquefaction, storage, and offloading solutions, using Mustang's LNG Smart liquefaction technologies. The joint venture is owned by Petronas (60%), MISC (30%), and Mustang (10%), and will be headquartered in Kuala Lumpur. The first project for the joint venture will be the development of the front-end engineering design (FEED) for a floating LNG vessel, to be located offshore Malaysia. The project is expected to achieve first gas from a floating LNG FPSO facility in 2013.
The joint venture hopes to assist with full project development of gas reserves in Malaysia and other countries worldwide, using floating LNG FPSO solutions. The joint venture will also focus on the adaptation, enhancement, and development of floating LNG technologies, and project implementation.
PETRONAS will provide assistance in gas field sourcing and the marketing of LNG; MISC will provide assistance in LNG shipping fabrication; and Mustang will provide engineering design, procurement, and project management services related to LNG liquefaction processes and gas pre-treatment for topsides facilities.