MISC Allocates USD 1 Billion for Capex

MISC Allocates USD 1 Billion Capex

MISC Bhd, a shipping arm of Petronas, has set aside USD 1 billion for capex (capital expenditure) in 2015, which will mostly go towards the financing of five liquefied natural gas (LNG) carrier newbuilding resales acquired earlier this year, Malaysian daily Bernama reports.

Following the company’s annual general meeting held today, MISC President and Chief Executive Officer Yee Yang Chien confirmed that the company will continue to focus on the petroleum business segment despite falling oil prices.

Yee also said that MISC will continue to pursue long-term charters with fixed-rates which provide the company with a secured recurring income.

Back in February, Petronas sold the five LNG carriers being built by Hyundai Heavy Industries to MISC for USD 1.1 billion.

Petronas LNG will charter the five 150,200 cbm newbuildings, expected to be delivered from September 2016 to December 2017, for a period of 15 years, with a five-year extension option.

World Maritime News Staff

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