September 27, 2024 [ACN Newswire]- PETRONAS and Mitsubishi Corporation strengthen their 46-year long partnership through the signing of agreements, which further solidify the trust in PETRONAS’ capabilities to deliver Liquefied Natural Gas (LNG) to the international market primarily LNG customers in Japan.
United by a vision for a cleaner and lower carbon future, this significant collaboration encompasses the commitment shared by both parties in ensuring energy security amidst market volatility driven by global disruptions such as geopolitical tensions, rising regional demands as well as changing consumption patterns.
The signatories of the agreements were PETRONAS’ President and Group Chief Executive Officer Tan Sri Tengku Muhammad Taufik and Mitsubishi Corporation’s President and Chief Executive Officer Katsuya Nakanishi.
The agreements outline investment from Mitsubishi Corporation into the Malaysia LNG (“MLNG”) Dua and MLNG Tiga for the next decade – the extension of its 10 per cent equity shareholding in MLNG Dua, and the reinvestment of a 10 per cent equity shareholding in MLNG Tiga, signifying its continued participation in the two ventures with associated marketing activities and deliveries of LNG from Bintulu to Japan.
The cooperation has been built primarily on trust, demonstrating confidence in Malaysia’s robust economic landscape to attract foreign direct investment, particularly in Sarawak.
Tan Sri Tengku Muhammad Taufik said, “Our relationship with Mitsubishi Corporation began with our first joint venture agreement in 1978 and we are therefore excited about strengthening our ties further, especially in the era of energy transition where LNG is the natural fuel alternative. I look forward to more exciting endeavours, as we leverage opportunities together and address challenges that will positively impact our organisations and nations.”
Katsuya Nakanishi said, “Mitsubishi Corporation looks forward to providing continuous support in growing and nurturing access to global LNG market for PETRONAS’ future volumes with LNG being the fuel of choice in the age of energy transition. At the same time, we are excited to unlock further value through our collaboration with PETRONAS as well as with the Sarawak State Government, with whom we have achieved many historical milestones in Malaysia.”
The PETRONAS LNG complex through partnerships and alongside Mitsubishi Corporation commenced LNG supply to long-term Japanese contract buyers since 1983. PETRONAS LNG Complex comprises four(4) joint ventures of MLNG, MLNG Dua, MLNG Tiga and PETRONAS LNG 9 with a production capacity of 29.3 Million Tonnes Per Annum (MTPA), making it one of the world’s largest LNG producer in a single location. PETRONAS LNG Complex has been a main LNG supplier, providing lower-carbon energy solutions to a diverse range of public and private sector customers in Japan.
Besides its main business of natural gas in Malaysia, Mitsubishi Corporation has also participated in total of 10 gas upstream blocks in Sarawak and expanded its areas of investment in Malaysia to automobile, food, petrochemicals, metal and steel, bringing the company’s total investment amount into the country to approximately RM5 billion last year.
Signatories at the Signing Ceremony of Definitive Agreements between Petroliam Nasional Bhd (PETRONAS), Mitsubishi Corporation, and Diamond Gas Holdings Sdn. Bhd. From left: Mr. Masaru Saito, Executive Vice President, Group CEO, Environmental Energy Group, Mitsubishi Corporation – Ms. Marina Md Taib, Senior Vice President Corporate Strategy, PETRONAS – Mr. Katsuya Nakanishi, President & CEO, Mitsubishi Corporation – Tan Sri Tengku Muhammad Taufik, President & Group CEO, PETRONAS – Mr. Gen Kunih
Free Trial: Access 13,300 Tank Terminal and Production Facilities
13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data
