TOKYO, September 27, 2024 – (JCN Newswire) – – PETRONAS and Mitsubishi Corporation strengthen their 46-year partnership by signing agreements, further solidifying confidence in PETRONAS’ capabilities to deliver liquefied natural gas (OTC:) (LNG) to the international market, mainly to LNG customers in Japan.
United by a vision of a cleaner, lower-carbon future, this important collaboration encompasses both parties’ shared commitment to ensuring energy security amid market volatility driven by global disruptions such as geopolitical tensions, rising demands regions and changes in consumption patterns.
The signatories of the agreements were PETRONAS Group Chairman and CEO Tan Sri Tengku Muhammad Taufik and Mitsubishi Corporation Chairman and CEO Katsuya Nakanishi.
The agreements outline Mitsubishi Corporation’s investment in Malaysia LNG (“MLNG”) Dua and MLNG Tiga over the next decade: the extension of its 10 percent stake in MLNG Dua and the reinvestment of a 10 percent stake in MLNG. Tiga, signifying its continued involvement in the two companies with associated marketing activities and LNG deliveries from Bintulu to Japan.
The cooperation has been largely based on trust, demonstrating confidence in Malaysia’s strong economic outlook to attract foreign direct investment, particularly in Sarawak.
Tan Sri Tengku Muhammad Taufik said: “Our relationship with Mitsubishi Corporation began with our first joint venture agreement in 1978 and we are therefore excited to further strengthen our ties, especially in the era of energy transition where the “LNG is the natural fuel alternative. We look forward to more exciting endeavors as we seize opportunities together and address challenges that will positively impact our organizations and nations.”
Katsuya Nakanishi said: “Mitsubishi Corporation looks forward to providing continued support to grow and foster access to the global LNG market for PETRONAS’ future volumes, with LNG being the fuel of choice in the era of energy transition. At the same time, we are excited to unlock more value through our collaboration with PETRONAS as well as the Sarawak State Government, with whom we have achieved many historic milestones in Malaysia.”
PETRONAS LNG Complex, through partnerships and together with Mitsubishi Corporation, began supplying LNG to Japanese buyers on a long-term contract basis since 1983. PETRONAS LNG Complex comprises four (4) MLNG joint ventures, MLNG Dua, MLNG Tiga and PETRONAS LNG 9 with a production capacity of 29.3 million tonnes per annum (MTPA), making it one of the world’s largest LNG producers at a single location. PETRONAS LNG Complex has been a leading supplier of LNG and has provided low-carbon energy solutions to a wide range of public and private sector customers in Japan.
In addition to its core business in Malaysia, Mitsubishi Corporation also participated in a total of 10 upstream gas blocks in Sarawak and expanded its investment areas in Malaysia to automobiles, food, petrochemicals, metals and steel, bringing the total investment amount of the company to the country. to about RM5 billion last year.
About Mitsubishi Corporation (MC)
Mitsubishi Corporation (MC) is a global integrated trading company that develops and operates businesses together with its global network of around 1,800 group companies.
MC has eight business groups operating in virtually all industries: environmental energy, materials solutions, mineral resources, urban infrastructure and development, mobility, food industry, smart life creation and energy solutions. Through these eight business groups, MC’s current activities have expanded far beyond its traditional business operations to include project development, production and manufacturing operations, working collaboratively with our trusted partners around the world.
With an unwavering commitment to conducting business with integrity and fairness, MC remains fully dedicated to growing its businesses while contributing to a prosperous society.
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