Petronas to build new gas compressor station by Q1 2024

Malaysia's Petronas Gas on Wednesday said it has approved a final investment decision for the construction of a new gas compressor station in the southern state of Johor.

The station in Kluang, Johor, is to be completed in the first quarter of 2024 with an aim to increase the gas capacity of the Peninsular Gas Utilisation II gas pipeline network, the firm said in a bourse listing.

Petronas Gas, a unit of state-owned Petronas Group, said the investment for the project is estimated at 460 million ringgit ($109 million).

It said it will use its existing Islamic financing facility from RHB Islamic Bank Berhad to fund the project and hence it will have no impact on the group's earnings per share, net assets per share or gearing for the 2021 financial year.