Statoil, Petronas Sign LNG Deal (Malaysia)

Statoil, Petronas Sign LNG Deal (Malaysia)

Statoil of Norway said it has this week signed an agreement to deliver LNG to Petronas at their LNG import terminal in Malaka.

We have had a very good cooperation with Petronas for many years and are very excited to land our first Asian LNG supply agreement with them,” says Eldar Sætre, executive vice president for Manufacturing, Marketing and Renewable Energy.

The agreement was signed during a ceremony at the World Gas Conference in Kuala Lumpur, Malaysia, on June 5th by Eldar Sætre and M Sabarudin M Amin, CEO of Petronas LNG.

Malaysia has traditionally been a major exporter of LNG with long term sales to Japan, South-Korea and Taiwan. However, increased domestic demand has led to the construction of Malaysia’s first LNG import terminal in Melaka. Statoil will deliver the first cargo under the agreement in August this year, shortly after the terminal starts operations.

There is an increased demand for LNG in Asia and we want to position Statoil to take part in that growth,” ​says Rune Bjørnson, senior vice president for Natural Gas.

About 1 billion cubic meters gas will be delivered under the flexible supply agreement that runs for 3 ½ years. This is a gas volume equivalent to the consumption of two 400MW gas power plants for nearly one year.

This news follows Statoil decision to open a LNG trading function at its office in Singapore on June 1.​​​​​​​

LNG World News Staff, June 8, 2012

Share this article

Follow LNG World News

Events>

<< Jan 2017 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

CWC Iran LNG & Gas Partnerships Summit

It is the must attend event to form partnerships and explore opportunities along the dynamic gas value chain…

read more >

Fundamentals of LNG

Operational and commercial essentials of the Liquefied Natural Gas (LNG) sector – training course by tutored distance learning…

read more >

LNG Pricing, Trading & Risk Management / 2-Day Course

The global LNG market is rapidly growing in size and complexity…

read more >

Floating LNG

Despite challenging market conditions, global capital expenditure (Capex) on FLNG facilities is forecast to increase significantly over the 2016-2022 period. The protracted oil price downturn has impacted the sanctioning of capital intensive liquefaction units over the last 24 months. However, the need to move towards cleaner sources of energy and diversify gas supply has stimulated the floating regasification market – over 14 countries are expected to commission their first floating import unit over the forecast period. Against this backdrop, SMi’s 5th annual Floating LNG conference will provide attendees with strategic insight on the latest developments within the FLNG market to optimise activities and ensure project sustainability and success. The two-day programme will also equip you with the tools to overcome the logistical, financial, technological and economic challenges associated with FLNG deployment and ensure succinct transition from design to operation.

More info

read more >