KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has secured investments in two Liquefied Natural Gas (LNG) plants from Mitsubishi Corporation for the next decade as part of its move to supply LNG to international markets, with a focus on customers in Japan.
According to Petronas, the agreements with Mitsubishi Corporation outlines investment in the Malaysia LNG (MLNG) Dua and MLNG Tiga for the next decade with the extension of its 10 per cent equity shareholding in MLNG Dua, and the reinvestment of a 10 per cent equity shareholding in MLNG Tiga.
The agreements mark the continued participation of Mitsubishi Corporation in the two ventures, along with associated marketing activities and deliveries of LNG from Bintulu to Japan, it said.
In a statement, Petronas said the collaboration underscores the commitment of both parties to ensuring energy security and their shared ambition for a lower-carbon future.
Petronas president and group chief executive officer Tan Sri Tengku Muhammad Taufik said Petronas is honoured to mark a new chapter in its long-standing relationship with Mitsubishi Corporation.
With the group's strengthened synergy, Petronas look forward to the continued successes of MLNG Dua and MLNG Tiga, which have proven mutually beneficial for over 45 years. "Together with Mitsubishi Corporation and the support of the Sarawak State Government, Petronas remains fully committed to ensuring the safe and reliable supply of LNG to fuel the economies of Malaysia, Japan and our customers around the globe towards a sustainable, lower-carbon future," he said in a statement.
Mitsubishi Corporation president and chief executive officer Katsuya Nakanishi said Mitsubishi Corporation looks forward to providing continuous support in growing and nurturing access to the global LNG market for Petronas' future volumes with LNG being the fuel of choice in the age of energy transition.
"At the same time, we are excited to unlock further value through our collaboration with Petronad as well as with the Sarawak state government, with whom we have achieved many historical milestones in Malaysia," said Nakanishi.
The Petronas LNG complex, through partnerships and alongside Mitsubishi Corporation, commenced LNG supply to long-term Japanese contract buyers since 1983.
Petronas LNG Complex comprises four joint ventures including MLNG, MLNG Dua, MLNG Tiga and PETRONAS LNG 9 with a combined production capacity of 29.3 Million Tonnes Per Annum (MTPA), making it one of the world's largest LNG facilities in a single location.
The LNG complex is among the main LNG suppliers, providing lower-carbon energy solutions to a diverse range of public and private sector customers in Japan.