Last week, Statoil finalized an agreement to move LNG to Petronas at their LNG import terminal in Malaka.
As per the deal, Statoil will deliver the first cargo in August this year, immediately after the terminal begins operations.
Statoil Natural Gas senior vice president Rune Bjørnson said, "There is an increased demand for LNG in Asia and we want to position Statoil to take part in that growth."
About 1 billion cubic meters gas will be delivered under the flexible supply agreement signed for 3 ½ years.
This is a gas volume equivalent to the consumption of two 400MW gas power plants for nearly one year.
Statoil noted Malaysia has been a major exporter of LNG with long term sales to Japan, South-Korea and Taiwan, but increased domestic demand has led to the construction of Malaysia’s first LNG import terminal in Melaka.
