Datuk Wan Zulkiflee Wan Ariffin, Petronas presedwnt and group Ceo at the OTC Asia 2016. RAJA FAISAL HISHAN/The Star.
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has urged all stakeholders in the liquefied natural gas (LNG) industry to take the bold steps to help curb the vicious cycle of LNG price volatility.
The national oil company also emphasised on enhancing mutually-beneficial partnership among producers, buyers, industry contractors and governments to spur investments.
President and group chief executive officer Datuk Wan Zulkiflee Wan Ariffin said the current state of the LNG industry, with lower prices and declining investments, was rooted in the collective actions of the various stakeholders.
Nevertheless, he remained bullish on the prospects of the industry, which is expected to grow 40% by 2040, according to the International Energy Agency.
“This is where all key stakeholders must play their part to create a more equitable LNG market, capable of supporting future investments for uninterrupted and affordable energy supplies to fuel the world’s economies,” he said in a statement on Thursday.
Wan Zulkiflee was speaking to the audience of a plenary session on “Investing for Growth” at the LNG 18 Conference in Perth, Australia.
He said Petronas was not only investing in the upstream development projects, plants and LNG vessels but also in developing the capability of the people operating them -- the talents throughout the whole value chain, from geologists to plant technicians, right up to the mariners, LNG marketers and traders.
While Petronas remains committed towards responding to customer needs with innovative commercial solutions, Wan Zulkiflee urged buyers to understand that producers needed fair returns to maintain their LNG facilities and continue to reinvest in future supplies.
He also encouraged contractors and vendors to aggressively invest in research and development and offer game-changing technology to reduce costs, and execute innovative project management schemes in collaboration with project developers to improve the delivery of LNG projects. - Bernama
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