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  • Petronas calls for collaboration between LNG producers and consumers for subtainable LNG market
    édité le 20/10/2017 - Plus de news de "Petronas" - Voir la fiche entreprise de "Petronas"


Petronas calls for collaboration between LNG producers and consumers for subtainable LNG market
PETRONAS, currently the world’s third-largest LNG producer has urged producers and consumers of liquefied natural gas (LNG) to collaborate towards encouraging growth and sustainability of the industry.

Its President and Group CEO Wan Zulkiflee Wan Ariffin warned that while demand for LNG has grown, there is a possibility of industry stagnation if LNG prices do not encourage necessary investments to sustain the business.

“Today, players are cancelling and delaying projects in tandem with the LNG prices. Without sufficient investments, both buyers and sellers face an uncertain future in terms of business sustainability and energy security,” he said.

Speaking to the audience of the LNG Producer-Consumer Conference 2017 in Tokyo, Japan, headed that PETRONAS too was forced to not proceed with its proposed LNG project in Canada due to the prolonged depressed prices and unfavourable market conditions.

Nevertheless, he acknowledged that the current market dynamics have stimulated internal efficiency improvements that have provided PETRONAS with better agility as an integrated end-to-end LNG player to accelerate growth once the industry is on an up turn.

Recently, PETRONAS celebrated its 10,000th cargo from its Bintulu LNG Complex in Malaysia, delivered to Japan on October 4. This further cements its sterling reputation as a reliable LNG solution producer and supplier with an impeccable track record of not missing a single cargo.

“With deeper resource pools, we are able to invest in people, technology and innovation to provide energy solutions that go beyond just selling and delivering LNG. Through these investments, we aspire to help create a more sustainable LNG market that is able to fuel the world’s economies,” he said.

Wan Zulkiflee urged all parties to engage in early collaboration to work towards mutually-favourable market conditions to encourage investments for business longevity and long-term supply stability.

“While current market dynamics are not encouraging conversations about sustainable gas pricing, it is in our interest, both as sellers and as buyers to bring this up.

“Although buyers’ considerations remain in our best interests, the current market volatility necessitates the security of demand. This is imperative for the producers to continue investing to support the upstream and LNG value chain ina timely manner,” he concluded.

Withover 30 years of experience in integrated global LNG business, PETRONAS is committed to meet the growing demand for clean energy required for global sustainability and climate change goals.

About PETRONAS

PETRONAS (Petroliam Nasional Berhad) is Malaysia’s fully integrated oil and gas multinational ranked among the largest corporations on FORTUNE Global 500®. Established in 1974, PETRONAS now has a presence in more than 65 countries and operates among the top oil and gas companies in the world.

Steadily driving new solutions and pushing boundaries, we add value to oil and gas resources in a manner that carefully balances commercial, environmental and social considerations.


Origine : Communiqué Petronas

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