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Daily Express
3 days ago
- Business
- Daily Express
Petronas to expand LNG exports to new Asian markets
Published on: Tuesday, August 12, 2025 Published on: Tue, Aug 12, 2025 By: Bloomberg Text Size: The company plans further exploration to maintain domestic production levels after hitting peak output. (Reuters pic) Kuala Lumpur: 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-centre 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. But the gas-producing country is also eyeing more imports because its reserves are dwindling at a time when its energy requirements are growing thanks to a proliferation of power-hungry data centres serving the artificial intelligence industry. Malaysia imported about 3.3 million metric tonnes of LNG in 2024, up from 2.1 million tonnes in 2021, according to Bloomberg's vessel-tracking data. Petronas will continue exploration for more resources to sustain its domestic production, which has already peaked, Adif said. It operates one of the world's largest LNG terminals in Bintulu on the Sarawak coast and has enough gas to fill up its plant there 'for as long as we need', he added. 'We have brought in a number of upstream projects to make sure that we are able to deliver gas and sustain that for the next 20 to 30 years,' Adif said at the company's headquarters on the 42nd floor of the Petronas Twin Towers in Kuala Lumpur on Tuesday. 'We are also gearing up to bring in more imports into Peninsular Malaysia.' Traditional gas suppliers in Asia are being forced to rethink their export strategies as they try to reconcile rapid economic growth with falling domestic reserves. Malaysia, which was the world's fifth-largest shipper of the super-chilled fuel last year, usually meets domestic demand by topping up with cargoes from Australia. Petronas CEO Muhammad Taufik said in June that Malaysia is set to be increasingly dependent on LNG imports in the next five years. In a bid to appease US President Donald Trump and secure a lower tariff from Washington in August, the Asian nation agreed that Petronas would buy US$3.4 billion of US LNG annually. Malaysia leaning into imports to support its energy needs highlights a broader trend of once hefty producers having to turn to buying the fuel from overseas. Traders are also seeing more opportunity to sell gas to traditional exporters in the future. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
The Star
3 days ago
- Business
- The Star
PETRONAS to expand LNG exports to Asian markets
The firm plans to expand beyond its traditional markets – Japan, China and South Korea – to countries in South-East Asia, including Vietnam and the Philippines. KUALA LUMPUR: Petroliam Nasional Bhd (PETRONAS) is seeking to expand its liquefied natural gas (LNG) exports to growing Asian markets while also supporting Malaysia's rising energy needs, which are partly driven by a data-centre 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 PETRONAS' gas and maritime business chief executive officer (CEO) Datuk Adif Zulkifli. The firm plans to expand beyond its traditional markets – Japan, China and South Korea – to countries in South-East Asia, including Vietnam and the Philippines, he said in an interview. But the gas-producing country is also eyeing more imports because its reserves are dwindling at a time when its energy requirements are growing thanks to a proliferation in power-hungry data centres serving the artificial intelligence industry. Malaysia imported about 3.3 million tonnes of LNG in 2024, up from 2.1 million tonnes in 2021, according to Bloomberg's vessel-tracking data. PETRONAS will continue exploration for more resources to sustain its domestic production, which has already peaked, Adif added. It operates one of the world's largest LNG terminals in Bintulu on the Sarawak coast, and has enough gas to fill up its plant there 'for as long as we need,' he noted. 'We have brought in a number of upstream projects to make sure that we are able to deliver gas and sustain that for the next 20 to 30 years,' Adif said yesterday. — Bloomberg
Malaysian Reserve
3 days ago
- Business
- Malaysian Reserve
Petronas to expand LNG exports to new Asian markets
PETROLIAM Nasional Bhd. is seeking to expand its liquefied natural gas exports to growing Asian markets while also supporting Malaysia's rising energy needs that are being 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. But the gas-producing country is also eyeing more imports because its reserves are dwindling at a time when its energy requirements are growing thanks to a proliferation in power-hungry data centers serving the artificial intelligence industry. Malaysia imported about 3.3 million metric tons of LNG in 2024, up from 2.1 million tons in 2021, according to Bloomberg's vessel-tracking data. Petronas will continue exploration for more resources to sustain its domestic production, which has already peaked, Adif said. It operates one of the world's largest LNG terminals in Bintulu on the Sarawak coast, and has enough gas to fill up its plant there 'for as long as we need,' he added. 'We have brought in a number of upstream projects to make sure that we are able to deliver gas and sustain that for the next 20 to 30 years,' Adif said at the company's headquarters on the 42nd floor of the Petronas Twin Towers in Kuala Lumpur on Tuesday. 'We are also gearing up to bring in more imports into Peninsular Malaysia.' Traditional gas suppliers in Asia are being forced to rethink their export strategies as they try to reconcile rapid economic growth with falling domestic reserves. Malaysia, which was the world's fifth-largest shipper of the super-chilled fuel last year, usually meets domestic demand by topping up with cargoes from Australia. Petronas currently provides about 2.3 billion standard cubic feet of natural gas to Peninsular Malaysia and 'will try to sustain it as much as we can,' Adif said. Petronas CEO Muhammad Taufik said in June that Malaysia is set to be increasingly dependent on LNG imports in the next five years. In a bid to appease US President Donald Trump and secure a lower tariff from Washington in August, the Asian nation agreed that Petronas would buy $3.4 billion of US LNG annually. Malaysia leaning into imports to support its energy needs highlights a broader trend of once hefty producers having to turn to buying the fuel from overseas. Traders are also seeing more opportunity to sell gas to traditional exporters in the future. –BLOOMBERG
Yahoo
3 days ago
- Business
- Yahoo
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
Daily Express
3 days ago
- Business
- Daily Express
Petronas to expand LNG exports despite rising domestic demand
Published on: Tuesday, August 12, 2025 Published on: Tue, Aug 12, 2025 By: Bloomberg Text Size: The company plans further exploration to maintain domestic production levels after hitting peak output. (Reuters pic) Kuala Lumpur: 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-centre 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. Advertisement 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. But the gas-producing country is also eyeing more imports because its reserves are dwindling at a time when its energy requirements are growing thanks to a proliferation of power-hungry data centres serving the artificial intelligence industry. Malaysia imported about 3.3 million metric tonnes of LNG in 2024, up from 2.1 million tonnes in 2021, according to Bloomberg's vessel-tracking data. Petronas will continue exploration for more resources to sustain its domestic production, which has already peaked, Adif said. It operates one of the world's largest LNG terminals in Bintulu on the Sarawak coast and has enough gas to fill up its plant there 'for as long as we need', he added. 'We have brought in a number of upstream projects to make sure that we are able to deliver gas and sustain that for the next 20 to 30 years,' Adif said at the company's headquarters on the 42nd floor of the Petronas Twin Towers in Kuala Lumpur on Tuesday. 'We are also gearing up to bring in more imports into Peninsular Malaysia.' Traditional gas suppliers in Asia are being forced to rethink their export strategies as they try to reconcile rapid economic growth with falling domestic reserves. Malaysia, which was the world's fifth-largest shipper of the super-chilled fuel last year, usually meets domestic demand by topping up with cargoes from Australia. Petronas CEO Muhammad Taufik said in June that Malaysia is set to be increasingly dependent on LNG imports in the next five years. In a bid to appease US President Donald Trump and secure a lower tariff from Washington in August, the Asian nation agreed that Petronas would buy US$3.4 billion of US LNG annually. Malaysia leaning into imports to support its energy needs highlights a broader trend of once hefty producers having to turn to buying the fuel from overseas. Traders are also seeing more opportunity to sell gas to traditional exporters in the future. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
