Petronas: Partnership With PTT A Catalyst For Growth In Thai Gas Market

KUALA LUMPUR, July 28 (Bernama) -- Petronas has signed an agreement with PTTGL Investment Ltd (PTTGLI) to dispose of a 10 per cent equity interest in Petronas LNG 9 Sdn Bhd (PL9SB). PTTGLI, a subsidiary of PTT Global LNG Company Ltd (PTTGL), is a 50:50 joint-venture company between PTT Public Company Limited (PTT), Thailand’s state-owned oil and gas company, and PTT Exploration and Production Public Company Ltd. Petronas Executive Vice President and Chief Executive Officer of Upstream, Mohd Anuar Taib, said the collaboration with PTT was a catalyst for the group's growth in Thailand’s gas market, as part of its long-term business strategy. "This strategic partnership demonstrates Petronas’ ongoing commitment to grow our liquefied natural gas (LNG) business and more importantly pave ways for both parties to collaborate further in strengthening and maximising the integrated oil and gas value chain,” he said in a statement Friday. PL9SB, a subsidiary of Petronas, owns the ninth LNG liquefaction train (Train 9) in the Petronas LNG Complex in Bintulu, Sarawak. Following PTTGLI’s 10 per cent participation, Petronas now owns 80 per cent share in PL9SB, while the remaining 10 per cent is owned by JXTG Nippon Oil & Energy Corporation through its subsidiary, Nippon Oil Finance (Netherlands) BV. With a production capacity of 3.6 million tonnes per annum, Train 9 started commercial operations in the first quarter of this year, boosting the total output capacity of the Petronas LNG Complex to 30 million tonnes per annum. PL9SB is Petronas’ fourth LNG company following Malaysia LNG Sdn Bhd, Malaysia LNG Dua Sdn Bhd and Malaysia LNG Tiga Sdn Bhd, which collectively own all the LNG modules in the Petronas LNG Complex. -- BERNAMA