KUALA LUMPUR: Malaysia’s national oil and gas company Petroliam Nasional Bhd (PETRONAS) has signed definitive agreements with Japan-based oil and gas company ENEOS Xplora.
The agreement paves the way for ENEOS’ re-entry into Malaysia LNG Tiga Sdn Bhd (MLNG Tiga), which operates the MLNG Tiga LNG liquefaction terminal in Sarawak.
Subject to the fulfilment of certain closing conditions, ENEOS will hold a 10 per cent equity stake in MLNG Tiga for the next 10 years. This arrangement follows the expiration of the previous joint venture agreement for MLNG Tiga in 2023.
"The agreement reflects the shared commitment to strengthening long-term energy security and supporting reliable liquified natural gas (LNG) supply to international markets, particularly Japan, amid an increasingly complex and volatile global energy landscape,” said PETRONAS in a statement, in conjunction with the virtual signing ceremony today.
PETRONAS president and group chief executive officer (CEO) Tan Sri Tengku Muhammad Taufik Tengku Aziz said the agreement represents both companies’ long-term conviction, one that continues to serve the energy interests of both nations well into the decades ahead.
"LNG continues to play an indispensable role in the global energy mix, bridging the demands of today’s
economies while supporting a credible transition toward lower-carbon futures.
"With Asia at the centre of global LNG demand growth, stable supply and long-term partnerships remain fundamental to economic resilience across the region,” he said.
PETRONAS executive vice president and CEO of Gas and Maritime Business, Datuk Adif Zulkifli, said ENEOS’ re-entry underscores continued confidence in MLNG Tiga’s operational resilience and long-term value proposition
"ENEOS’ re-entry into MLNG Tiga reflects shared confidence in the asset’s resilience and long-term role within Asia’s LNG landscape.
"It reinforces PETRONAS’ focus on building a reliable LNG system that continues to deliver value to customers and partners, particularly in important markets such as Japan,” he said.
ENEOS representative director and president Yasuhiko Oshida said MLNG Tiga has been a project that has steadily supplied LNG to Japanese buyers since commencing operations in 2003.
"While further strengthening our partnership with PETRONAS, we will also work closely with our fellow shareholders -- the Sarawak state government and Mitsubishi Corporation -- to pursue new value creation during the energy transition,” he said. - Bernama
