Thursday, November 12, 2009

Major breakthrough for Petronas in China’s energy sector

BINTULU: Malaysia LNG Tiga Sdn Bhd (MLNG Tiga), a subsidiary of Petronas, has successfully delivered its first liquefied natural gas (LNG) cargo of 60,500 metric tonnes to Shanghai LNG Company Limited.

The LNG vessel Puteri Intan Satu departed the Petronas LNG Complex in Bintulu on Oct 19, 2009 and arrived to deliver the cargo at the Shanghai LNG Company Limited, Yangshan LNG Receiving Terminal, located south of Shanghai, on Oct 26.

This delivery of LNG to Shanghai LNG Company is pursuant to a 25-year sale and purchase agreement (SPA) signed in July 2006 where MLNG Tiga would supply up to 3.03 million metric tons of LNG per year to the Chinese company.

The SPA, which is Petronas’ first long-term LNG contract with China, had also marked a major breakthrough for Petronas in China’s energy sector, said the company in a press statement issued here yesterday.

Prior to this shipment, MLNG Tiga had delivered a commissioning LNG cargo to Shanghai LNG Company at Yangshan LNG Receiving Terminal.

Shanghai LNG Company is a joint venture company between Shenergy Group (55 per cent) and CNOOC Gas and Power (45 per cent). CNOOC Gas and Power is a wholly owned subsidiary of China National Offshore Oil Corporation.

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