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Malaysia's Petronas enters Myanmar gas market

2020-06-04 14:27

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KUALA LUMPUR, June 4 (Xinhua) -- Malaysia's state-owned oil firm Petronas has entered Myanmar gas market with first liquefied natural gas (LNG) delivery, the company said Thursday.

Petronas said in a statement that through its subsidiary, Petronas LNG (PLL) completed its maiden delivery of LNG to Yangon.

Two LNG cargoes were delivered to Yangon in May and June, and the delivery is part of a master sale and purchase agreement between PLL and CNTIC VPower that was signed in early 2020.

As part of the agreement, the LNG cargoes were sold on Free-On-Board basis, amounting to a total LNG volume of 190,000 cubic meters.

PLL's chief executive officer Abdul Aziz Othman said the delivery to CNTIC VPower marked a new era in the growth of LNG demand in Southeast Asian region.

"With Myanmar as the latest nation to adopt LNG as a form of cleaner energy, Petronas looks forward to being a long-term partner and supplier, leveraging on our world-class reliability, as well as innovative and customer-centric solutions," he added.

In addition to the first two LNG cargoes, Petronas is also working with CNTIC VPower for further deliveries that will strengthen the relationship between both companies, which will facilitate the growth of their foothold in Myanmar's fast-growing gas industry.
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