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Yinson agrees MoU with Sumitomo

Apr 23, 2018
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Malaysia's Yinson has signed a long term Memorandum of Understanding (MoU) with Japanese company Sumitomo to jointly pursue and collaborate in the leasing and operation of FPSO and FSO projects worldwide.

As part of the agreement Yinson will oversee and conduct the overall project implementation and Sumitomo will look after the logistics and financing on top of enhancing the overall value chain from upstream to downstream of any selected projects.

“We trust that, with the combination of Yinson’s knowledge and expertise in FPSO and FSO business and Sumitomo’s financial strength and network, the collaboration is likely to have higher potential in winning new projects,” said Lim Chern Yuan, Sumitomo Group chief executive officer

Yinson and Sumitomo have also agreed that they will discuss other potential collaboration in the field of energy infrastructure business. This includes LNG regasification and other similar offshore energy infrastructure opportunities.

Sumitomo has a 26 per cent stake in Yinson Production (West Africa) through a Japanese consortium which is nearing completion. YPWAPL is the owner of FPSO John Agyekum Kufuor which is currently operating at Offshore Cape Three Point Block in Ghana.