Petronas readies for South-east Asia's impending LNG import boom
Petronas is positioning itself for South-east Asia's shift to become a net importer of liquefied natural gas (LNG) by 2032, according to CEO Rosdi Ab Rahman.
The company sees its facilities' strategic location and diverse supply portfolio as key advantages. Petronas has a production facility in Bintulu, Sarawak, with a capacity of 29.3 million tons per annum (MTPA), two floating LNG (FLNG) facilities off the coast of Sabah, and is building a third FLNG with a production capacity of over 2.1 MTPA.
Petronas has delivered over 200 LNG cargoes within the region since 2017 and aims to be a 'reliable supplier' that fulfills rising demand. The company's global LNG portfolio also includes joint ventures in Egypt and Australia, and supply from the US, UAE, and Qatar.
Petronas is taking a flexible approach to negotiating prices and contract terms amid the uncertainty of the Middle East conflict, with spot LNG prices 'shot up' due to the war. CEO Rosdi Ab Rahman noted that understanding customers' needs and risk appetite is crucial in these uncertain times.