Tokyo Gas wholly owned subsidiary Energy Advance concluded an agreement to establish a joint venture company “GAS MALAYSIA – ENERGY ADVANCE” to develop the energy service business in Malaysia together with Gas Malaysia Berhad.
The new company will have capital of 4 million Malaysian ringgits (investment ratios: Energy Advance – 34%; Gas Malaysia – 66%), and is scheduled to be established in March.
The company will make use of the gas cogeneration system and other energy service business sales and administration know how that Energy Advance has cultivated in Japan and Gas Malaysia’s supply infrastructure and customer base for the gas supply business inside Malaysia to develop the energy service business in that country.
Tokyo Gas established Gas Malaysia, which was the first city gas company in that country, together with the national oil company Petronas in May 1992, and provided its ample experience, technology, and knowledge regarding gas business administration when launching the business.
Tokyo Gas presently owns 14.8% of Gas Malaysia’s stock through its subsidiary.
Press Release, February 24, 2014; Image: Gas Malaysia