Petronas of Malaysia commits to securing China’s energy supply

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Photo taken on October 15, 2019 shows the Petronas Twin Towers silhouetted against the rising sun in Kuala Lumpur, Malaysia. Kuala Lumpur is the capital and largest city of Malaysia. Developed from a tin mining town, the town is now widely recognized for its many landmarks, including the Petronas Twin Towers. The combination of skyscrapers and historic sites and the harmonious coexistence of diverse cultures add to the city a special charm all of its own. (Photo by Chong Voon Chung / Xinhua)

Malaysian oil and gas giant Petronas has pledged it will continue to ensure a secure and reliable energy supply in China with innovative solutions for “double carbon” goals.

Tengku Muhammad Taufik, chairman of Petronas made such remarks during the celebration marking the 18th anniversary of Petronas in China.

“I look forward to working with Chinese partners to actively help China achieve its peak carbon and carbon neutrality goal,” he said.

In 2021, PCM (China) Co’s growth point includes selective entry into new fields of derivatives and chemical specialties and the expansion of technical cooperation and partnerships with local Chinese counterparts, according to the company.

Entering China in 2003, Petronas has five offices and two production bases, notably in Beijing, Shanghai and Guangzhou. It supplies liquefied natural gas (LNG), petrochemicals, crude oil, petroleum products and lubricants to the Chinese market.

In July this year, Petronas LNG, a subsidiary of Petronas, entered into a 10-year contract to supply LNG to CNOOC Gas and Power Trading & Marketing Limited, a subsidiary of China National Offshore Oil Corporation (CNOOC).

The deal is for 2.2 million tonnes per year for a 10-year period, and the forward deal is valued at around $ 7 billion over ten years.

As early as 2006, Petronas had a 25-year LNG supply agreement for more than three million tonnes per year with Shanghai LNG Co, 45% owned by CNOOC.

China is diversifying its imports of LNG. In November, Chinese state-owned oil giant Sinopec Corp signed a contract with U.S. Venture Global LNG to purchase 4 million tonnes of LNG per year for 20 years, the largest long-term LNG deal ever signed between the U.S. China and the United States.


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