Through the subsidiary Petronas LNG, Malaysian oil and gas company Petronas has signed a new sale and purchase agreement with Power Singapore Trading & Marketing and China National Offshore Oil Corporation (CNOC) Gas and Power.
Under the new agreement, Petronas will provide 1 million tonnes per annum of liquefied natural gas (LNG). The contract builds on the long-term business relationship between CNOOC and Petronas; it strengthens cooperative efforts in LNG supply, but also supports economic growth in China and the country’s clean energy initiative. This includes its “Dual Carbon” goals of reaching carbon neutrality in 2060 and peaking emissions prior to 2030.
By structuring the partnership, Petronas is taking a holistic approach to its current liquified natural gas portfolio that guarantees a balance between achieving domestic economic development and energy security with its international commitments.
A state-funded company, Petronas is involved in many aspects of the oil and gas industry and operates the Petronas Lubricants brand. A line of high-quality products, the brand supplies transformer oil that is formulated for thermal stability, dependable gear oil and vacuum pump oil, among other solutions.
Vice President of marketing and trading at Petronas LNG, Shamsairi M Ibrahim, commented on the new partnership, stating the agreement signals the elevation of its connection with CNOOC, progressing its shared dedication to a low carbon future and energy security. He added that beyond being a supplier for LNG, the contract represents the ongoing development of its long-standing business relationship, and their commitment to delivering cleaner and more reliable LNG solutions.
