YINSON Holdings Bhd’s subsidiary, Yinson Production Ltd, has entered into an agreement with Azule Energy for preliminary activities for the Agogo Integrated West Hub Development Project in Angola.

In a statement today, Yinson said its subsidiary, Yinson Azalea Production Pte Ltd, has signed an agreement with Azule’s subsidiary Eni Angola SpA for the project.

Azule Energy will commence all preliminary activities for the project’s provision, operation and maintenance of a floating, production, storage and offloading asset.

Azule Energy is Angola’s largest independent equity oil and gas producer and a 50/50 joint venture between BP plc and Eni SpA.

Yinson said the agreement “outlines both parties’ interests in commencing preliminary work in order to meet the project schedule while finalising firm contract(s) for the project.

“The term of the agreement is 60 days with an approximate aggregate value of US$218 million (equivalent to approximately RM956 million),” it added.

Trading of the securities in Yinson was halted for one hour from 9am to 10am today. — TMR / pic source: www.yinson.com