Statoil and Petronas sign LNG supply deal

Statoil has signed an agreement to deliver LNG to Petronas at their LNG import terminal in Malaka.

Malaysia has traditionally been a major exporter of LNG with long term sales to Japan, South-Korea and Taiwan. However, increased domestic demand has led to the construction of Malaysia's first LNG import terminal in Melaka. Statoil will deliver the first cargo under the agreement in August this year, shortly after the terminal starts operations.

"There is an increased demand for LNG in Asia and we want to position Statoil to take part in that growth," ?says Rune Bjørnson, senior vice president for Natural Gas (NG).

Approximately 1 billion m³ of gas will be delivered under the flexible supply agreement that runs for 3.5 years. This is a gas volume equivalent to the consumption of two 400 MW gas power plants for nearly one year.

Adapted from press release by Peter Farrell.

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/08062012/statoil-and-petronas-sign-1-billion-cubic-metre-lng-supply-deal/