Petronas Signs Non-Binding LNG Deal with Woodside Energy
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Woodside Energy and PETRONAS have signed a non-binding heads of agreement (HOA) for the supply of 1 million tonnes per annum of LNG to Malaysia from 2028 for a period of 15 years.
The LNG would be supplied from Woodside’s global portfolio and may include the recently approved Louisiana LNG project in the United States.
The HOA reflects the shared ambition of both companies to formally commit to deepening cooperation across the LNG value chain, building a relationship of mutual trust, benefit, and success.
“This agreement marks the beginning of a new era of collaboration between Woodside and PETRONAS and is an important step towards what would be our first long-term LNG sales to Malaysia. It reflects the value global buyers see in Woodside’s Louisiana LNG project and our reputation as a safe and a reliable supplier of energy to Asia,” said Woodside executive vice president and chief commercial officer Mark Abbotsford.
The agreement is expected to support PETRONAS’ efforts to ensure secure, flexible LNG supply to meet growing demand in Peninsular Malaysia and the broader Asia-Pacific region.
“We are pleased to launch our new collaboration with Woodside, a leading supplier of LNG to Asia. We hope this will be the start of cooperation between PETRONAS and Woodside on future opportunities to support energy security and sustainability across the region,” said Shamsairi Ibrahim, vice president of LNG Marketing & Trading, PETRONAS.
The parties are now working to convert the HOA into a sales and purchase agreement.
Woodside and PETRONAS share a long-standing relationship, having previously cooperated on exploration studies and research and development initiatives along with both spot and mid-term LNG sales and purchases.
Woodside is a global energy company. Driven by a spirit of innovation and determination, they established the liquefied natural gas industry in Australia in the 1980s. They have safely and reliably delivered gas to homes and businesses in Australia and customers around the world for decades, supporting the development of industry and driving economic prosperity. Today, their strategy is to thrive through the energy transition with a resilient and diversified portfolio of oil, gas, and new energy projects in Australia, North America, and Africa.
As a global energy and solutions partner, PETRONAS is driven by its purpose to enrich lives for a sustainable future. With presence in more than 100 countries, the group continues expanding its portfolios ranging from conventional and cleaner energy solutions to a diverse range of fuel, lubricants and petrochemical products. While ensuring sustainable practices across its operations, PETRONAS strives to ensure just and equitable outcomes in transitioning to a lower carbon future.
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