Genting today announced that the Company's 95%-owned indirect subsidiaries, Genting Oil Kasuri Pte. Ltd. ("GOKPL") and Genting LNG Pte. Ltd. (“GLNG”) have entered into agreements for divestment to PT Rukun Raharja Tbk and its subsidiary, PT Raharja Energi Cepu Tbk, (“Rukun Raharja Group”): (i) 5% of GOKPL’s participating interest under the production sharing contract (“Kasuri PSC”) with SKK Migas, the Indonesian oil and gas regulator, for the upstream development of Kasuri block in West Papua, Indonesia, and (ii) 5% of GLNG’s equity interest in PT Layar Nusantara Gas (“PTLNG”), the entity developing the midstream facility and downstream inaugural floating liquefied natural gas (“FLNG”) vessel in Indonesia. 

The Downstream Divestment is expected to be completed by the end of July 2026, after the execution of the shareholders’ agreement and fulfillment of other conditions provided under the agreement entered in respect of the Downstream Divestment. The completion of the Upstream Divestment, which is conditional upon, among others, approval from SKK Migas and Government of Indonesia as well as completion of the Downstream Divestment, is anticipated to occur no later than February 2027.  

GOKPL currently owns the entire participating interest under the Kasuri PSC, in respect of which it has received approval from the Government of Indonesia for the first plan of development for the Asap, Kido and Merah fields (collectively referred to as “AKM Fields”) within the concession area of the Kasuri block, which allows the supply of 230 million standard cubic feet per day (“mmscfd”) of natural gas to the FLNG vessel for 18 years. The raw gas from the AKM Fields will be treated at the midstream facility (which includes the onshore gas processing plant, connecting pipelines and supporting facilities), before being converted into liquefied natural gas (“LNG”) at the downstream FLNG vessel. This end‑to‑end development model, apart from demonstrating the Company’s strategic vision to diversify its energy portfolio and long‑term commitment to the project, further highlights its ability to integrate the entire LNG value chain with the view to ensure efficient project execution and sustainable long-term returns. 

The participation by Rukun Raharja Group, a well-established energy market player in the Republic of Indonesia (“Indonesia”), is anticipated to bring valuable local expertise and facilitate smoother project delivery. It serves as a first meaningful step towards a deeper strategic partnership with an established local industry player in Indonesia. This latest collaboration complements the Company’s pivotal role as a key LNG value chain developer and enhances its growth prospects in the region. 

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