Petronas LNG inks 12-yr contract with Japan's 'K' Line

  • Energy
  • Monday, 17 Feb 2020

Signatories and witnesses from Petronas LNG, "K" Line and Hudong-Zhonghua Shipbuilding following the time charter party and shipbuilding contract signing ceremony. The ceremony was held at the Malaysian Petroleum Club, PETRONAS Twin Towers​.

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) recently signed a 12-year time charter party (TCP) with Japanese shipowner, Kawasaki Kisen Kaisha, Ltd or “K” Line for two mid-sized new-build LNG vessels.

The national oil company said on Monday its subsidiary, Petronas LNG Ltd signed the a 12-year TCP with an option to extend for another 12 years. The LNG vessels had about 79,960 cubic metres each in capacity.

Petronas executive vice president and CEO of gas and new energy, Adnan Zainal Abidin said the procurement and chartering of these vessels were concluded within four months, thus setting a new standard in the industry.

This long term TCP is in line with the signing of the shipbuilding agreements between “K” Line and Hudong-Zhonghua Shipbuilding (Group) Co. Ltd. whereby these vessels will be constructed in Shanghai, China, and expected to be delivered in the second quarter of 2022.

These identical vessels will be dedicated to serving Petronas’ long term LNG delivery commitment to Shanghai under the new LNG supply agreement with Shenergy Group Company Ltd (Shenergy).

The vessels known as Wuhaogou-Max (W-Max) are specifically built to fully optimise the delivery of LNG cargoes to Shenergy’s Wuhaogou LNG terminal in Shanghai.

The vessels can deliver laden cargoes within the channel’s permissible limits without exceeding the port’s draught limitation.

Petronas president and group CEO Tan Sri Wan Zulkiflee Wan Ariffin witnesses the signing of the respective agreements between Petronas LNG aqnd “K” Line for the TCP, and also the shipbuilding contracts between “K” Line, Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. and China Shipbuilding Trading Co., Ltd.

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