Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 29): Petroliam Nasional Bhd (Petronas) said today the group's collaboration with UK-based Avenir LNG Ltd positioned Petronas among the first liquefied natural gas (LNG) bunkering service providers in South East Asia.

Petronas said in a statement today the company through its subsidiary Petronas LNG Sdn Bhd has signed a time charter party (TCP) with MISC Bhd and Avenir. Under the TCP, Petronas will charter a 7,500 cubic meter LNG bunker vessel from MISC and Avenir, according to Petronas.

"The collaboration positions Petronas among the first LNG bunkering service providers in the South East Asia region, moving Malaysia closer towards becoming a LNG bunkering hub.

"The LNG bunker vessel is capable of providing bunkering services to LNG fueled vessels across Malaysia, and also transporting smaller scale LNG cargoes across the region," Petronas said.

Petronas said it has set up the necessary infrastructure for LNG bunkering services at Pengerang, Johor and Sungai Udang, Melaka. The company said it is also actively working towards the establishment of a LNG bunkering global network through partnerships with port operators and international industry players.

On Oct 2 this year, theedgemarkets.com, quoting Avenir's news release, reported that Petronas through Petronas LNG had awarded the 7,500 cubic meter LNG carrier TCP to a joint venture (JV) involving MISC and Avenir.

Avenir was quoted as saying it and MISC would form the JV company to manage commercial operations of the LNG carrier whereas ship management services will be provided by Eaglestar Shipmanagement (L) Pte Ltd, a wholly-owned subsidiary of MISC.

MISC is the shipping arm of Petronas. MISC's annual report shows that MISC is a 62.67%-owned subsidiary of Petronas.

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