KUALA LUMPUR (Dec 5): Yinson Holdings Bhd has inked an agreement for preliminary activities with Azule Energy, through its wholly owned subsidiary Eni Angola SpA, to commence all preliminary activities for the provision, operation and maintenance of a floating, production, storage and offloading asset for the Agogo Integrated West Hub Development Project in Angola.

In a statement on Monday (Dec 5), Yinson said Azule is Angola's largest independent equity oil and gas producer, and a 50-50 joint venture between BP plc and Eni SpA.

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 for preliminary activities is 60 days, with an approximate aggregate value of US$218 million (RM956 million).

Trading of the securities in Yinson was halted for one hour from 9am to 10am on Monday.