Petronas may have to write off up to $800 million for work already done at the $29 billion Canadian liquefied natural gas (LNG) project, but scrapping the project brings long-term benefits, analysts said on Friday (28/07).(Reuters Photo/Olivia Harris)
Malaysia's Petronas Delivers First LNG Cargo to Thailand's PTT
BY :EMILY CHOW
JULY 22, 2017
Kuala Lumpur. Malaysian state oil firm Petroliam Nasional Bhd announced on Friday (21/07) the delivery of its first liquefied natural gas (LNG) cargo to Thailand.
Petronas, as the company is known, is committed to deliver up to 1.2 million tonnes per annum of LNG to Thailand's state-owned PTT Pcl for a period of 15 years.
The cargo was delivered on Thursday to the east coast of the Gulf of Thailand from Petronas' LNG complex in Bintulu, east Malaysia.
"PTT and Petronas are exploring further opportunities to collaborate in the LNG and natural gas value chain," said Petronas in a press statement.
Thailand's energy policy committee approved in December the proposal for PTT to buy LNG from Petronas. PTT will buy 1 million tonnes of LNG per year from Petronas in 2017 and 2018, and 1.2 million tonnes from 2019 onwards.