Gas Malaysia said on Monday the joint venture was in line with its plan to maintain its key position to be an innovative value added energy solution provider.
"The JV company will diversify the Gas Malaysia business from gas distribution to energy business," it said.
To recap, Energy Advance is a related party as it is linked to Tokyo Gas. Tokyo Gas is a related party in the JV as its subsidiary Tokyo Gas-Mitsui & Co Holdings Sdn Bhd owns 18.50% of Gas Malaysia.
In a separate statement, Gas Malaysia had inked a JV agreement with IEV Energy Sdn Bhd to undertake the compressed natural gas distribution system for areas that is not accessible by gas pipeline.
IEV Energy is a member of IEV Holdings limited, a public listed company on the Catalist Board of the Singapore Exchange.
The JV would be involved in the sale, supply and transportation of compressed natural gas to potential customers.
