PETALING JAYA: Genting Bhd has divested a 5% stake in its Indonesian floating liquefied natural gas (FLNG) project to local energy company PT Rukun Raharja Tbk, while retaining a 95% interest in the project.

In a statement, Genting said the divestment of its 5% interest in PT Layar Nusantara Gas (PTLNG), held through its 95%-owned indirect subsidiary Genting LNG Pte Ltd, to PT Raharja Gas Kasuri, a 99.99%-owned subsidiary of PT Rukun Raharja (downstream divestment), was completed on Sept 4.

Genting said PTLNG is the entity developing the midstream facility and downstream inaugural FLNG vessel in Indonesia, which is one of the offtakers of the natural gas produced from the Kasuri block, located in West Papua, under the Kasuri Production Sharing Contract.

It said PT Rukun Raharja’s strategic involvement is expected to bring valuable local expertise, while reinforcing the firm’s pivotal role in the liquefied natural gas value chain and enhancing its regional growth prospects.

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