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PETRONAS Gas Bhd has signed a one-time prepayment agreement for jetty fees at the Pengerang LNG terminal, valued at up to USD 173.64 million (RM 705.67 million) over 18 years, to mitigate foreign exchange risk. The prepayment will cover part of the annual fixed charges under the Jetty Usage Agreement (JUA) 2017, from January 1, 2026, to March 2, 2044, or another mutually agreed date.

The prepayment amount reflects the remaining contract value for obligations of its subsidiary, Pengerang LNG (Two) Sdn Bhd (PLNG2). Pengerang Terminals (Two) Sdn Bhd (PT2SB), a joint venture involving PETRONAS and other partners, oversees the terminal.

This prepayment coincides with the Malaysian ringgit strengthening significantly against the US dollar. PETRONAS Gas shares closed at RM 18, with a market capitalization of approximately RM 35.6 billion.