Petronas secures maiden term LNG supply agreement to India

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) through its subsidiary Petronas LNG Ltd (PLL) signed a sale and purchase agreement (SPA) with H-Energy Mideast DMCC (HEMD) for the supply of liquefied natural gas (LNG) to India.

The agreement was signed on Jan 24, 2018 between PLL CEO and managing director Ezhar Yazid Jaafar and HEMD CEO Darshan Hiranandani.

Ezhar said the agreement with HEMD marks a milestone for PLL as the first term LNG contract to India.

“It is also in line with Petronas’ growth strategy to expand its LNG supply and help meet rising demand for clean and reliable energy in the fourth fastest-growing economy in the world,” he said in a statement.

As the third largest LNG player globally, Petronas is recognised as a reliable and flexible LNG supplier, operating from its main supply base in Bintulu, Sarawak.

Petronas, with over 30 years of LNG experience has also diversified its LNG supply portfolio in recent years with the inclusion of Australia Gladstone LNG and the world’s first floating LNG facility (PFLNG Satu).

HEMD, based in Dubai, is a wholly owned subsidiary of H-Energy Global Limited (part of Hiranandani Group), and the focus of its business is to secure supply and trade LNG, crude oil, petroleum products and petrochemicals.