PETRONAS has signed a long-term liquefied natural gas (LNG) sale-and-purchase agreement to supply 1.0 million tonnes per annum (MTPA) to CNOOC Gas and Power Singapore Trading & Marketing Pte. Ltd., according to the company’s statement.
PETRONAS said the agreement was signed via its subsidiary PETRONAS LNG Ltd. and is intended to deepen LNG cooperation while aligning with China’s “Dual Carbon” agenda — peaking carbon emissions before 2030 and reaching carbon neutrality by 2060.
PETRONAS LNG Marketing and Trading vice president Shamsairi M. Ibrahim said: “This agreement marks an elevation of our relationship with CNOOC, advancing our shared commitment to energy security and a lower carbon future.”
PETRONAS said the announcement builds on an earlier term contract: in July 2021, PETRONAS LNG Ltd. signed a 10-year LNG supply agreement with CNOOC Gas and Power Trading & Marketing Limited for 2.2 MTPA, which PETRONAS said was indexed to a combination of Brent and AECO and valued at approximately US$7 billion over ten years.
Neither side disclosed commercial details for the new 2025 agreement such as contract duration, pricing structure, start date, or delivery terms.
PETRONAS (Petroliam Nasional Berhad) is Malaysia’s national oil and gas company, fully owned by the Government of Malaysia, with activities spanning upstream and downstream operations and international ventures. It also operates LNG assets in Sarawak, Malaysia, and manages LNG-related commercial activities through dedicated subsidiaries and business units.
CNOOC Limited is a Chinese oil and gas company focused on offshore exploration, development and production, operating through subsidiaries and affiliates involved in upstream production and gas/LNG-related businesses.
Source: Port News
