Petronas Gas to Get $500mn Loan from Mizuho Bank

Petronas Gas has executed an agreement with Mizuho Bank for a $500mn term loan.

In a statement published Thursday the Malaysian company said that funds will finance general corporate funding purposes including capital expenditure.

The facility will have a tenure of five years from the first drawdown.

Petronas Gas, a unit of Malaysia's national petroleum company Petronas, is building a regasification terminal in Johor with a capacity of 3.5 mtpa. It is expected to cost about 2.7 billion ringgit ($620 million).

The company currently owns six gas processing plants in Kertih and Santong, both in Terengganu which process over 2000 million standard cubic feet per day (mmscfd) of raw gas on behalf of Petronas. It also has a regasification terminal in Melaka.