Petronas, Cnooc Expand Energy Ties
China's Cnooc and Malaysia's Petronas have signed a memorandum of understanding (MoU) to expand ties in the energy sector, the latter company said in a statement carried by the Malaysian press on March 15.
Under the MoU, the pair will broaden their relationship beyond LNG and upstream activities "towards a shared ambition in energy security and cleaner energy solutions." They will "intensify collaboration in LNG, upstream exploration and development projects, refining, oilfield and engineering services, specialty chemicals, lubricants as well as renewable energy."
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The two companies will look to expand the use of natural gas as a marine fuel, potentially working together to establish a global bunkering supply network.
Petronas has supplied Cnooc subsidiary Shanghai LNG with 3mn metric tons/year of LNG since 2006 under a 25-year supply agreement. Upstream, the Malaysian firm works with Cnooc at deepwater Block 4 offshore Mexico.