p 235 MISC BERHAD - Annual Report 2014 17. Investments in joint ventures (cont’d.) Group 2014 2013 RM’000 RM’000 Contingent liabilities Bank guarantees extended to third party 198,488 221,897 a. In the current financial year, VTTI formed a Master Limited Partnership (“MLP”), i.e. VTTI Energy Partners LP (“VTTI Energy”) to own, operate, develop and acquire refined petroleum product and crude oil terminalling and related energy infrastructure assets. On 1 August 2014, VTTI Energy completed its initial public offering (“IPO”) with the sale and issuance of 49.0% of its limited partner interest to the public. In connection with the IPO, VTTI Energy acquired 36.0% ownership interest in VTTI MLP BV, a subsidiary of VTTI, which owns a portfolio of six terminals. Included in the share of earnings of joint ventures is the Group’s share of the net gain from this listing exercise of RM110,317,000. b. In 2012, GKL entered into a lease agreement with Sabah Shell Petroleum Company, to lease the semisubmersible floating production system (“FPS”) for a period of 25 years. In the previous year, following the commencement of the lease, the Group recognised its share of the one-off gain on disposal of the FPS recorded by GKL amounting to RM750,000,000. Details of the joint ventures are disclosed in Note 39.
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