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  • Petronas strengthens LNG foothold in China with Jovo's contract extension
    édité le 26/05/2016 - Plus de news de "Petronas" - Voir la fiche entreprise de "Petronas"

Petronas strengthens LNG foothold in China with Jovo's contract extension
PETRONAS continues its efforts in strengthening its Liquefied Natural Gas (LNG) market presence in China with the successful conclusion of a contract extension with JOVO Group Co., Ltd. recently.

JOVO owns and operates the Dongguan LNG terminal based in Guangdong, South China, where stability of supply and competitive pricing are fundamental to its growth strategies.

The contract extension signed between their respective subsidiaries will ensure a stable and significant increase of LNG supply to JOVO up until at least 2023 as the company seeks to expand its downstream market to meet end-users demand in China.

Recognised as a flexible and reliable LNG supplier, PETRONAS, which operates from its main supply base in Bintulu, Sarawak, has successfully delivered conventional deliveries into Yangshan, partial cargo deliveries into Dongguan and small vessel deliveries into Shanghai Wuhaogao and Hainan Macun. Deliveries into China will typically take only 5 days. PETRONAS has also diversified its LNG supply portfolio in recent years with the addition of Gladstone LNG and the upcoming Floating LNG projects in offshore Sabah and Sarawak.

The contract was signed by Mr. Ahmad Adly Alias, VP of LNG Marketing & Trading, Upstream PETRONAS, and Mr. Zhang Jiangguo, President and CEO of JOVO Group.

“PETRONAS is dedicated to ensuring that our buyers’ requirements for stable and competitively-priced LNG supply are met. The extension of this contract proves that PETRONAS appreciates the Chinese culture of working together and understands what it takes for Chinese LNG buyers to grow and succeed in this market. We were here from JOVO’s infancy in the LNG market, and we will be here to support them to grow further,” said Mr Ahmad Adly.

He added that PETRONAS, backed by a solid and stable supply portfolio, intends to grow its footprint in China by increasing its LNG supply to existing buyers and expanding its customer base.

About Petronas

PETRONAS was incorporated on 17 August 1974 as the national oil company of Malaysia, vested with the entire ownership and control of the petroleum resources in the country. It has since grown from merely being the manager and regulator of Malaysia’s upstream sector into a fully integrated oil and gas corporation, ranked among the FORTUNE Global 500® largest corporations in the world.

About Jovo

Guangdong JOVO Group Co., Ltd. was founded in December 1990, with the registered capital of RMB 510 million, total assets of more than RMB 3 billion, and annual turnover of over RMB 10 billion. At present, the group has more than 2,000 employees, and governs more than ten subsidiaries. JOVO starts its business from LPG trading, and then engages in the clean energy field focused by national strategy, such as LNG, DME, etc, which involves the whole industrial chain, such as international purchase, storage, processing, production, logistics and sales, etc. After more than ten years of struggle, JOVO has developed to be the large-scale clean energy group integrated with affiliated industrial structure and diversified product structure, and dedicates to become the leading provider of clean energy in China.

Origine : Communiqué Petronas

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