Statoil, Petronas Sign LNG Deal

Norway’s Statoil has inked a deal to supply 1 billion cubic metre of LNG to Malaysia’s Petronas. The gas will be delivered at LNG import terminal in Malaka, Malaysia’s first terminal.

Malaysia, which has been a traditional LNG exported, is tapping the import market due to rising domestic demand.

Statoil will deliver the first cargo under the agreement in August this year, shortly after the terminal starts operations. This deal will be Statoil’s first in Asia.

Norwegian firm’s senior vice president for Natural Gas Rune Bjørnson said that the company wants to position itself to exploit growing LNG demand in Asia.