Under the SPA, Petronas will deliver 1 million tonnes per annum (mtpa) of LNG to CNOOC Gas and Power Singapore Trading & Marketing, according to a Petronas statement.
Petronas did not provide further details regarding the deal.
The company said the agreement builds on the long-standing working relationship between the two firms, “strengthening cooperation in LNG supply while supporting China’s economic growth, and national clean energy agenda, including the “dual carbon” aspirations of peaking emissions before 2030 and achieving carbon neutrality by 2060.”
In 2021, Petronas entered into a ten-year LNG supply deal with CNOOC Gas and Power Trading & Marketing.
This long-term supply agreement also includes supply from the Shell-led LNG Canada project, where Petronas is a shareholder.
It is worth mentioning here that Petronas recently signed a 20-year agreement for 1 million tonnes per annum of Pembina’s liquefaction capacity at the Cedar LNG facility on Canada’s West Coast.
In Malaysia, Petronas operates the giant Bintulu LNG plant in Sarawak, and two floating LNG producers, both located offshore Sabah.
Petronas said in the statement that this long-term commitment reinforces its position as a “trusted LNG partner to China, while reflecting ongoing collaboration with CNOOC, in one of Asia’s most dynamic gas markets.”
With Asia’s rising demand for lower-carbon fuels, Petronas said it will continue to deliver LNG from its established portfolio to support customers’ evolving energy needs across the region.
Shamsairi M Ibrahim, vice president of Petronas LNG Marketing and Trading, said this agreement marks an “elevation of our relationship with CNOOC, advancing our shared commitment to energy security and a lower carbon future.”
“Beyond supplying LNG, it reflects the continued development of our long-term partnership,” he said.
