Flexible and innovative LNG solutions for existing and new markets
Shanghai, 8 April 2019 – PETRONAS, with its growing portfolio of LNG supply sources in Malaysia, Australia, Egypt and soon in Canada, is well-positioned to provide clean energy through its flexible and innovative LNG solutions to existing and new demand markets, as well as to emerging trading hubs.
PETRONAS President and Group Chief Executive Officer Tan Sri Wan Zulkiflee Wan Ariffin said: “Asia, backed by its growing middle class, needs clean energy to fuel its growth, and LNG is well positioned as the most significant source of clean energy as it is abundant, environmentally-friendly and economically competitive.” He said this during his plenary session titled ‘The New LNG Markets’, at the recent 19th International Conference & Exhibition on Liquefied Natural Gas (LNG 2019), here.
“Since the first LNG cargo in 1964, global demand for LNG has grown to exceed a record of 300 mtpa for the first time in 2018, and is now forecasted to increase by another 100 mtpa in just the next four years. This growth trajectory reflects the global aspirations of countries in pursuing prosperity while ensuring sustainability, hence, driving demand for clean energy,” he added.
Tan Sri Wan Zulkiflee also shared his observation on the new LNG demand landscape which will come from China’s future energy requirements, limitations in infrastructures of untapped areas in new LNG markets of the Indian Subcontinent and ASEAN, as well as emerging trading hubs from developed LNG spot markets. However, he said these demands can only be fully served if there are concerted efforts from both government and industry players in co-creating a sustainable market environment.
PETRONAS has pushed boundaries with the successful construction and operation of the first floating LNG facility, PFLNG Satu, and is on track for the delivery of its second floating facility in 2020. In addition, PETRONAS has also performed break-bulking ship-to-ship transfer and is pursuing smaller-scale LNG solutions such as LNG bunkering and Virtual Pipeline Systems via ISO-tanks to transport LNG.
With over 30 years of experience, more than 10,000 cargoes delivered to date and a total LNG production capacity of more than 34 mtpa, PETRONAS is actively developing both traditional and emerging gas markets with its partners, in line with its statement of purpose to be a progressive energy and solutions partner, enriching lives for a sustainable future.