PETRONAS through its subsidiary, PETRONAS LNG Ltd (PLL) and Vitol Asia Pte Ltd (Vitol) announced the signing of binding Heads of Agreement (HOA) for long-term liquefied natural gas (LNG) sale and purchase (SPA) agreement.
They have the smarts for making good decisions and knowing when conditions are not safe, and it’s time to ‘get off the road’. Driving in bad weather, especially in snow and on ice, is risky due to more ‘stop time’ required, poor visibility, poor traction and the increased unpredictability of other drivers on the road. The job of a trucker becomes increasingly challenging, when handling a tractor trailer and load in foul winter weather.
With a strong global supply portfolio, PETRONAS is able to provide flexible solutions within a changing and evolving LNG market. PETRONAS is pleased to sign this long-term LNG supply deal with Vitol and hope that it will continue to enhance the long history of business collaboration with the Vitol Group.”
says PETRONAS Vice President of LNG Marketing & Trading, Ahmad Adly Alias
Vitol Head of LNG, Pablo Galante Escobar added, “We are delighted to be partnering with PETRONAS again, a global market leader and producer of natural gas and LNG. PETRONAS supplied our first LNG cargo in 2005 and we have now extended our LNG relationship until at least 2038. Vitol is committed to the long-term development of the LNG market and its evolution to become a more flexible and tradeable commodity. This supply deal with PETRONAS will further strengthen our ability to offer reliable and flexible LNG solutions to customers worldwide.”
With over 7 million tonnes of LNG delivered through 2017 and an extensive global trading and logistics network developed over a decade of delivering to customers, Vitol is one of the largest and most experienced independent traders of LNG. More broadly, Vitol has over 50 years trading and delivering physical energy, we bring unique expertise in managing and scheduling physical gas movements and can offer spot, short or longer term arrangements, suited to our customers’ needs.
With over 35 years of experience, PETRONAS is recognised with a sterling reputation as a reliable LNG supplier and solutions provider. Operating from its main supply base (PETRONAS LNG Complex) in Bintulu, Sarawak. PETRONAS LNG Complex is one of the world’s largest LNG complexes on a single site. The nine-train facility has a combined annual production capacity of about 30 million tonnes. In addition, PETRONAS has also diversified its LNG supply portfolio in recent years with the inclusion of Australia’s Gladstone LNG and the world’s first floating LNG facility located offshore Sarawak.