Gas Malaysia secures government approval to develop LNG terminal

Moving into the next phase of implementation involves detailed engineering, site preparation, and the progression of financing arrangements. Gas Malaysia stated the manner of funding for the terminal will be determined at a later stage.

The board of directors of Gas Malaysia stated the acceptance of the letter is, "in the best interest of the company and its shareholders". Upon its commissioning and completion, the company expects the project to contribute positively to its future earnings.

The company said it would provide further updates upon the execution of a definitive agreement or when more material information becomes available.