SEATTLE (Oil Monster): Petronas LNG has strengthened its presence in the Asian gas market after signing a new liquefied natural gas supply agreement with the Singapore-based trading unit of China National Offshore Oil Corporation (CNOOC).
The Malaysian state-owned energy company confirmed that its LNG subsidiary has entered into a Sale and Purchase Agreement with CNOOC Gas & Power Singapore Trading & Marketing for the delivery of 1 million tonnes per annum of LNG.
ALSO READ:
Petronas Shipped First Cargo from LNG Canada to Japan
Petronas LNG Collaborates with JOGMEC to Boost LNG Ties
In a statement released Wednesday, Petronas said the deal reinforces its long-standing partnership with CNOOC and supports China’s broader economic development and clean energy transition. China is pursuing its “Dual Carbon” strategy, which targets peak carbon emissions before 2030 and carbon neutrality by 2060, making LNG a key transitional fuel in the country’s energy mix.
Petronas LNG marketing and trading vice president Shamsairi M. Ibrahim described the agreement as a significant step forward, noting that it deepens collaboration between the two companies while promoting energy security and a lower-carbon future. Financial terms and contract duration were not disclosed.
The latest agreement follows an earlier 10-year LNG supply deal signed in 2021, under which Petronas agreed to deliver 2.2 million tonnes per year to CNOOC Gas & Power.
