Under the SPA, Petronas LNG will supply approximately 0.84 million metric tonnes of LNG for a seven-year period, commencing in 2032, according to a Petronas statement.
“Leveraging on Petronas’ diversified global LNG portfolio, the agreement provides greater supply flexibility and reliability to support Shizuoka Gas’ evolving energy requirements amid changing market dynamics,” Petronas said.
The arrangement reflects the growing demand for “flexible LNG supply solutions as customers seek greater resilience and energy security in a dynamic global energy landscape,” the company noted.
Petronas said the ceremony, which took place in Kuala Lumpur, also marked the 30th anniversary of the first LNG cargo delivered by Petronas to Shizuoka Gas, “celebrating a partnership that has continued to evolve alongside the growth of Japan’s LNG market and the changing needs of its energy consumers.”
“Building on the trust established over the past 30 years, Shizuoka Gas and Petronas aim to further strengthen the partnership beyond the traditional relationship between LNG seller and buyer by exploring collaboration opportunities for decarbonization along the LNG value chain”, it said.
In Malaysia, Petronas operates the giant Bintulu LNG plant with a capacity of 29.3 mtpa.
Petronas also operates two floating LNG facilities, namely the 1.2 mtpa PFLNG Satu and the 1.5 mtpa PFLNG Dua, both located offshore Sabah, and is building a third floating LNG unit.
Since receiving the first LNG cargo from Petronas at the Sodeshi LNG terminal in 1996, Shizuoka Gas has received more than 200 cargoes of Malaysian LNG over the past 30 years, Shizuoka Gas said in a separate statement.
In addition to this agreement, Shizuoka Gas recently signed a deal to purchase LNG from compatriot Tokyo Gas.
The company also decided to invest $100 million in MidOcean Energy, the LNG unit of US-based energy investor EIG.
