Gas Processing & LNG is Produced by Gulf Publishing Holdings LLC



Petronas to lease LNG storage unit to Vitol

Malaysian state-owned energy firm Petronas has signed a deal to lease a liquefied natural gas (LNG) storage unit in the country to commodity trader Vitol for at least two years, industry sources said. 

Under the agreement, Petronas will rent one of its two 200,000 cubic metre LNG storage units at Pengerang in southern Malaysia to Vitol, the sources said, declining to be identified as they were not authorised to speak with media.

The lease is for at least two years and will likely start in the second-half of 2019, one of the sources said, adding that the other unit in Pengerang would be set aside for domestic use.

The sources did not give any other details, while Petronas and Vitol did not immediately reply to requests for comment from Reuters.

Malaysia’s Pengerang peninsula sits strategically between the Malacca Strait and the South China Sea. Nearly all the Middle East oil and gas bound for North Asia’s industrial powerhouses of China, Japan and South Korea passes through those two bodies of water.

Petronas LNG, a subsidiary of Petronas, and Vitol Asia signed a deal last year for long-term LNG supply from LNG Canada and from the global portfolio of Petronas, to start from 2024. 

(Reporting by Jessica Jaganathan, additional reporting by Emily Chow in KUALA LUMPUR; Editing by Joseph Radford, REUTERS)


Copyright © 2019. All market data is provided by Barchart Solutions. Futures: at least a 10 minute delay. Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.

                                  CMEGroup                                     Icelogo

FEATURED COLUMNS

Editorial Comment
-Adrienne Blume
The continued expansion of natural gas trade is led primarily by growth in the LNG sector, which has tripled over the past 3 yr.
Industry Focus: The future of gas-to-power projects in Africa
-Shem Oirere
Natural gas is expected to play a central role in supporting Africa’s drive to achieve electricity connection for nearly 600 MM people without access to the grid, to reduce widespread reliance on coal for power generation, and to fast-track the continent’s slowed industrial expansion.
Regional Focus: Gazprom faces challenges for combined LNG/processing plant in Baltics
-Eugene Gerden
Russia’s largest natural gas producer, Gazprom, aims to build a giant project on the Russian Baltic seaport of Ust-Luga. The plans include the construction of a combined LNG and gas processing plant.


Environmental Considerations for Gas Pipeline Construction in Sensitive Areas

Register Now

Ambioconsult, a subsidiary of Vepica, developed an environmental and social impact assessment for a subsea/land gas pipeline in Venezuela. This webcast will provide details on how the project lessened environmental impact and complied with regulations and stringent conditions, such as the presence of national parks and endangered species. The presenters will provide the steps they used to achieve social and environmental sustainability in a capital-intensive natural gas pipeline project.

September 11, 2019 10:00 AM CDT

Register Now

 

Please read our Term and Conditions, Cookies Policy, and Privacy Policy before using the site. All material subject to strictly enforced copyright laws.
© 2019 Gulf Publishing Holdings LLC.