Petronas, Mitsubishi Sign New Agreements For LNG Delivery

KUALA LUMPUR, Sept 27 (Bernama) -- Petroliam Nasional Bhd (Petronas) and Mitsubishi Corporation have signed new agreements to further leverage Petronas’ capabilities in delivering liquefied natural gas (LNG) to international markets, primarily targeting customers in Japan.

The agreements outline Mitsubishi Corporation’s investment in the Malaysia LNG (MLNG) Dua and MLNG Tiga projects for the next decade. This includes extending its 10 per cent equity shareholding in MLNG Dua and reinvesting in a 10 per cent equity shareholding in MLNG Tiga.

In a statement today, Petronas said the agreements reaffirm Mitsubishi Corporation's ongoing participation in both ventures, as well as in related marketing activities and LNG deliveries from Bintulu to Japan.

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It said the strategic partnership underscores Malaysia’s robust economic landscape, particularly in Sarawak, as an attractive destination for foreign direct investments.

Petronas president/group chief executive officer Tan Sri Tengku Muhammad Taufik said that with the strengthened synergy, the national oil firm is looking forward to further successes in the MLNG Dua and MLNG Tiga projects.

“Together with Mitsubishi Corporation and with the support of the Sarawak state government, Petronas remains fully committed to ensuring a safe and reliable supply of LNG to fuel the economies of Malaysia, Japan, and our global customers as we work towards a sustainable, lower-carbon future,” he added.

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The Petronas LNG complex, in partnership with Mitsubishi Corporation, has been supplying LNG to long-term Japanese contract buyers since 1983.

Petronas also shared that the complex comprises four joint ventures: 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. 

In addition to its core natural gas business in Malaysia, Mitsubishi Corporation is also involved in 10 gas upstream blocks in Sarawak. 

The company has expanded its investments in Malaysia across other sectors such as automobiles, food, petrochemicals, metals, and steel, contributing approximately RM5 billion in total investment to the country last year.

-- BERNAMA