Malaysia’s state oil company Petronas and Singapore-headquartered Pavilion Energy have agreed to explore collaboration opportunities in liquefied natural gas (LNG) business.
A memorandum of understanding (MoU) was signed on 30 March in Kuala Lumpur between the subsidiaries of both companies, Petronas LNG and Pavilion Gas.
Under the terms of the MoU, the two parties will explore ways to collaborate and optimize the opportunities within the LNG business, including spot trading and joint efforts relating to receiving terminals and storage facilities.
“Petronas’ strong presence in the integrated LNG value chain and diversified LNG portfolio, together with Pavilion Energy’s position as one of the LNG aggregators in Singapore, would allow both companies to leverage on each other’s strengths to create value and growth in the region,” said Datuk Mohd Anuar, Petronas executive vice president and CEO upstream.
“I am delighted to see close collaboration between our two companies which will also strengthen and grow the regional LNG market,” added Pavilion Energy CEO Seah Moon Ming.
Image left to right: Seah Moon Ming, Pavilion Gas vice president Wong Vin Kee, Petronas LNG CEO Ezhar Yazid Jaafar and Datuk Mohd Anuar.