Petronas will only import LNG from US at competitive prices, says Anwar
KUALA LUMPUR : Petronas will only proceed with liquefied natural gas (LNG) imports from the US if they are competitively priced and match Malaysia's actual needs, Prime Minister Anwar Ibrahim said today.
Anwar said the country would import only what it needed, and that Malaysia already imports some LNG from the US.
'So Petronas's decision depends on our capacity and requirements. We will not import more than that, but we must also remember that we export as well,' he said during Prime Minister's Question Time in the Dewan Rakyat.
'If the price is competitive and the project is considered conventionally viable, it makes sense to import more, including from the US… Our (LNG) products are still in demand in Japan, Korea, and especially China.'
The prime minister was responding to Syed Saddiq Syed Abdul Rahman (Muda-Muar), who asked how the national oil company could protect its profits if it made annual LNG purchases worth US$3.4 billion (RM14.39 billion), on top of current imports.
The purchases are part of Malaysia's deal with Washington to cut its tariff rate, but come as Petronas faces various challenges including dwindling profits leading to a decision to cut about 10% of its workforce, as well as the handover of Sarawak's gas distribution role to state-owned Petros.
Petronas president and group CEO Tengku Muhammad Taufik said in June that Malaysia was set to be increasingly dependent on LNG imports in the next five years.
Analysts have warned that profits could be hit by the handover of Sarawak's gas distribution role to Petros, part of the state's push for greater control over its energy resources.
CreditSights estimates that Petronas's earnings could fall by up to 11%, although LNG revenues are expected to hold steady.
However, Emir Research warned of a revenue loss of up to 30% if the shift significantly reshaped Petronas's Sarawak operations, potentially forcing plans to downsize and limiting future capital spending.
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