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Friday, 20 April 2018 | MYT 1:23 PM

Yinson, Sumitomo ink 10 year MoU to bid for projects

KUALA LUMPUR: Yinson Holdings Bhd and  Sumitomo Corporation of Japan have teamed up to jointly pursue and collaborate in the leasing and operation of FPSO and FSO projects worldwide.

Yinson said on Friday the 10-year MoU will involve the floating production storage and offloading (FPSO) and the floating storage and offloading (FSO) projects worldwide.

Under the MoU, Yinson shall oversee and conduct the overall project implementation. Sumitomo will focus on seeking competitive logistics and financing for any selected projects.

Yinson and Sumitomo shall be each other’s preferred partner when seeking any opportunity in relation to the targeted business.

Both parties will also have a non-binding obligation to look into the field of energy infrastructure business. This includes liquified natural gas (LNG) related projects such as LNG regasification for the power industry, and other similar offshore energy infrastructure opportunities.

The MoU will enable Yinson and Sumitomo to work together based on respective party’s expertise and strengths, for venturing into the targeted business.

“The new collaboration will potentially enhance the capacity of Yinson to take on larger FPSO and FSO projects and provide access to Sumitomo’s global business network and local expertise,” Yinson said.