PETRONAS Enters Myanmar’s Gas Market with First LNG Cargo Delivery
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 7 May 2020, 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.
Established in 1974, PETRONAS is Malaysia’s fully integrated oil and gas multinational ranked among the largest corporations on FORTUNE Global 500®. As an integrated global LNG producer with over 37 years of experience, PETRONAS provides an uninterrupted supply of LNG to more than 25 countries around the world. PETRONAS has safely delivered more than 11,000 cargoes globally, sourced from its portfolio of facilities located in Malaysia, Australia and in the future, Canada. PETRONAS is also the first global energy player to introduce the floating LNG concept in 2016, the PFLNG SATU, and introduced its deep-water FLNG, the PFLNG DUA, in 2019.
