The 10-year contract will start from January 1 2013, with the option to extend for another five years.
The new deal will replace the existing agreement for a total gas supply of 382 MMScfd, which will expire on December 31 this year.
The contract is aimed at providing a long-term supply security of natural gas to Gas Malaysia's existing customers, the company said in a statement yesterday.
Gas Malaysia was incorporated in 1992 to sell, market and distribute natural gas as well as construct and operate the natural gas distribution system within Peninsular Malaysia.
It is owned by MMC-Shapadu (Holdings) Sdn Bhd (55 per cent), Tokyo Gas-Mitsui & Co (Holdings) Sdn Bhd (25 per cent) and Petronas Gas Bhd (20 per cent).
Read more: Gas Malaysia, Petronas sign new agreement http://www.btimes.com.my/Current_News/BTIMES/articles/gess/Article/#ixzz1nFhoIvPU