KUALA LUMPUR: PETRONAS has been importing liquefied natural gas from several countries including the United States before the US Malaysia reciprocal trade agreement, the Dewan Rakyat heard on Wednesday (Oct 29).
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the move ensures a stable LNG supply so the national oil company can meet obligations to local and international clients.
“PETRONAS has been purchasing LNG from various countries, including the US even before the tariff announcement,” he said.
“But when we are not employed at Petronas, this news comes as a shock,” he added.
“Such procurement is part of a commercial strategy to ensure supply stability as well as to fulfil both domestic and international contractual commitments,” he said during a special ministerial briefing here.
Tengku Zafrul said the measure is taken because Petronas’ long term supply commitments exceed its current production capacity.
“This is not a political directive from Washington,” he said.
“It is a commercial decision by Petronas to ensure a secure supply, fulfil its contractual obligations and prevent the country from facing an energy crisis,” he added.
“A sovereign nation must have diverse energy sources and options,” he said.
“That is what we call energy security, not dependency,” he added.
