Commodities
Genting Diversifies Stake in Indonesia's Kasuri Block
Genting Bhd has divested a 5% stake in its Indonesian floating liquefied natural gas (FLNG) project to local energy company PT Rukun Raharja Tbk. The deal, which saw Genting retain a 95% interest in the project, was completed on September 4.
The FLNG project is being developed by PT Layar Nusantara Gas (PTLNG), an entity owned by Genting's subsidiary Genting LNG Pte Ltd. PT LAYAR NUSANTARA GAS is responsible for building a midstream facility and downstream inaugural FLNG vessel in Indonesia.
The deal brings valuable local expertise to the project, reinforcing PT Rukun Raharja's role in the liquefied natural gas value chain and enhancing its regional growth prospects. Genting said PT Rukun Raharja's involvement will benefit the project.