Petronas enters Myanmar market with first LNG delivery

Malaysia's iconic Twin Towers are seen in the background of the Malaysian oil and gas company Petronas logo at a petrol station in Kuala Lumpur on August 13, 2014. Malaysian state energy firm Petronas is expected to announce its second quarter earnings later on August 13. AFP PHOTO / MANAN VATSYAYANA / AFP / MANAN VATSYAYANA

Petronas through its subsidiary, PETRONAS LNG Ltd. (PLL), recently completed its maiden delivery of liquefied natural gas (LNG) to Yangon, Myanmar, with two LNG cargoes delivered in May and June 2020. The delivery of the two LNG cargoes is part of a Master Sale and Purchase Agreement between PLL and CNTIC VPower that was signed in early 2020.

As part of the agreement, the LNG cargoes were sold on Free-On-Board (FOB) basis, amounting to a total LNG volume of 190,000 cubic metres. Both LNG cargoes were loaded at Petronas LNG Complex in Bintulu, Sarawak, and were delivered on May 7, onboard the CNTIC VPower Global, and on 3 June 2020, onboard the Golar Kelvin.

Commenting on Petronas’ successful entry into the Myanmar gas market, PLL’s Chief Executive Officer, Abdul Aziz Othman said, “The two LNG cargoes that were successfully delivered to CNTIC VPower marks a new era in the growth of LNG demand in the South East Asian region. With Myanmar as the latest nation to adopt LNG as a form of cleaner energy, Petronas looks forward to being a long-term partner and supplier, leveraging on our world-class reliability, as well as innovative and customer-centric solutions.”

Through Petronas’ integrated value chain solutions, Petronas facilitated the delivery of the cargoes by granting conditional acceptance to CNTIC VPower Global vessel in allowing for the very first multilobe tank comprising two cylindrical tank sections, or better known as Bilobe type LNG vessel, to dock at the Bintulu terminal where cooling-down services were also provided. This was achieved by Petronas’ focus on customer-centricity, which enables the Company to adapt to unique requirements and fulfil customers’ cleaner energy demands.

In addition to the first two LNG cargoes, Petronas is also working with CNTIC VPower for further deliveries that will strengthen the relationship between both companies, which will facilitate the growth of their foothold in Myanmar’s fast-growing gas industry.

 

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