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Petronas Signs New LNG Supply Agreement with CPC

Source: www.gulfoilandgas.com 3/6/2014, Location: Asia

Petronas’ subsidiaries Malaysia LNG Sdn Bhd (MLNG) and PETRONAS LNG Limited (PLL) have signed two contracts to supply CPC Corporation of Taiwan with a total of up to 2.6 million tonnes per year (mtpa) of liquefied natural gas (LNG), for a period of six years. Delivery to CPC is scheduled from the second quarter of 2014 and 2015 respectively.

The volume, which will ship from the PETRONAS LNG Complex in Bintulu, Sarawak and other supply sources, is to meet the demand and requirements of CPC’s customers in Taiwan, primarily the country’s power sector.

The contracts were signed on 5 March in Kuala Lumpur where MLNG was represented by its Managing Director / CEO Encik Zakaria Kasah while PLL by its CEO Encik Mohamad Azmi Ahmad. Signing on behalf of CPC was its CEO of Natural Gas Business Mr. Chen Jei-Yuan.

The event was also attended by PETRONAS’ President & Group CEO Tan Sri Dato’ Shamsul Azhar Abbas, PETRONAS’ Executive Vice-President of Gas & Power Business Datuk Anuar Ahmad, CPC’s Chairman Mr. Lin Sheng-Chung and CPC’s Vice-President Mr. Chang Ray-Chung.

PETRONAS began its LNG supply to CPC in 1995 through a 20-year contract for an annual supply of 2.25 million tonnes of LNG. The signing of the new contracts today is expected to further strengthen the ties between the two companies.

MLNG was set up in 1978 and operates the PETRONAS LNG Complex in Bintulu, one of the world’s largest LNG complexes operating on a single site. PLL, previously known as ASEAN LNG Trading Co. Ltd, is a global LNG trading arm for PETRONAS.

PETRONAS has now embarked on new LNG projects in Malaysia as well as in the international arena as part of its continuous efforts to strengthen security of supply to the nation and increase its LNG supply portfolio for future global demand.

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