Malaysia's Petronas to Buy its Own Newbuild LNG Ships
Petronas says that as part of its strategy to optimise the value of its liquefied natural gas (LNGLF) (LNG) business, it has decided to directly procure newbuild LNG ships to meet its LNG transportation requirements.
The move will allow Petronas to have direct access to LNG shipping capacity at the lowest possible costs.
The company adds that they will be engaging MISC Bhd to provide Project Management and Technical Consultancy services for the construction of the new LNG ships, given MISC’s extensive experience and expertise in the LNG shipping sector and familiarity with Petronas’ business needs.
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.