Petronas well-positioned to meet rising demand for LNG

Petronas well-positioned to meet rising demand for LNG
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KUALA LUMPUR (April 5): Petroliam Nasional Bhd (Petronas) president and group chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin said the group is well-positioned to provide clean energy through its flexible and innovative liquefied natural gas (LNG) solutions to existing and new demand markets, besides emerging trading hubs, helped by the company's growing global portfolio of LNG supply sources.

Petronas, in a statement today, quoted Wan Zulkiflee as saying during his recent plenary session at the 19th International Conference & Exhibition on Liquefied Natural Gas (LNG 2019) in Shanghai that Petronas has a growing portfolio of LNG supply sources in Malaysia, Australia, Egypt and soon in Canada.

"Asia, backed by its growing middle class, needs clean energy to fuel its growth, and LNG is well positioned as the most significant source of clean energy as it is abundant, environmentally friendly and economically competitive.

"Since the first LNG cargo in 1964, global demand for LNG has grown to exceed a record of 300 million tonnes per annum (mtpa) for the first time in 2018, and is now forecasted to increase by another 100 mtpa in just the next four years. This growth trajectory reflects the global aspirations of countries in pursuing prosperity while ensuring sustainability, hence, driving demand for clean energy," Wan Zulkiflee said.

According to the statement, Wan Zulkiflee shared his observation on the new LNG demand landscape, which will come from China's future energy requirements, limitations in infrastructures of untapped areas in new LNG markets of the Indian Subcontinent and ASEAN, as well as emerging trading hubs from developed LNG spot markets.

The statement indicated that he said these demands can only be fully served if there are concerted efforts from both government and industry players in co-creating a sustainable market environment.