$50 the "sweet spot" to keep energy investments flowing, says Petronas CEO
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Petronas eyes LNG exports growth to new Asian markets
Malaysian oil and gas company Petronas is looking to expand its liquefied natural gas (LNG) exports to new Asian markets in an effort to meet growing demand, reported Bloomberg. The company is targeting countries including Vietnam and the Philippines, moving beyond traditional markets such as Japan, China and South Korea. The expansion comes as Malaysia's energy needs rise, partly due to a data centre boom. Adif Zulkifli, CEO of Petronas' gas and maritime business, told the publication in an interview that the company's portfolio, including a new export plant in Canada, will help meet overseas gas demand. Petronas plans to continue exploring resources to sustain domestic production, which has peaked. It operates one of the world's largest LNG terminals in Bintulu, Sarawak, and has sufficient gas to maintain operations there 'for as long as we need', said Zulkifli. Malaysia often tops up domestic demand with cargoes from Australia. Petronas currently supplies around 2.3 billion cubic feet of natural gas to Peninsular Malaysia. Group CEO Muhammad Taufik noted in June that Malaysia will increasingly depend on LNG imports over the next five years. In a strategic move, the country agreed to purchase $3.4bn (RM14.39bn) of US LNG annually to secure a lower tariff from Washington. It reflects a trend where traditional producers are turning to imports to support energy needs. Traders see growing opportunities to sell gas to traditional exporters, the report said. Petronas recently formalised an equity participation agreement with SMJ Energy through its subsidiary Petronas LNG. The deal grants SMJ Energy a 25% equity share in PFLNG 3, a project company involved in the ZLNG project at Sipitang Oil & Gas Industrial Park. In June, Eni and Petronas signed a framework agreement to create a new company managing their combined assets in Malaysia and Indonesia. The joint venture, with equal 50:50 ownership, was established after asset-level valuations. "Petronas eyes LNG exports growth to new Asian markets " was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
3 days ago
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Petronas to Expand LNG Exports Despite Rising Domestic Demand
Petroliam Nasional Bhd. is seeking to expand its liquefied natural gas exports to growing Asian markets while also supporting Malaysia's rising energy needs, which are partly driven by a data-center boom. The state-owned company's diversified portfolio — which includes a newly operational export plant in Canada — will enable it to meet overseas demand for gas, said Adif Zulkifli, chief executive officer of Petronas' gas and maritime business. The firm plans to expand beyond its traditional markets — Japan, China and South Korea — to countries in Southeast Asia, including Vietnam and the Philippines, he said in an interview.
