Malaysian oil firm Petronas has delivered liquefied natural gas (LNG) cargo to S-Oil, an oil refining company in South Korea.
Handled by Petronas’ subsidiary Petronas LNG (PLL), the delivery marks the beginning of a 15-year sale and purchase agreement (SPA) that requires PLL to supply up to 0.7 million tonnes per annum (MTPA) of LNG to S-Oil.
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PLL transported this first delivery from its Petronas LNG Complex in Sarawak, Malaysia, to Posco Gwangyang Terminal in South Korea.
The cargo was delivered by LNG vessel Puteri Zamrud Satu, which was chartered by MLNG and operated by Petronas’ subsidiary MISC Berhad (MISC).
Petronas LNG marketing and trading vice-president Ahmad Adly Alias said: “As an integrated global oil and gas player, Petronas remains committed to becoming the most reliable LNG supplier, through innovative and flexible solutions to accommodate the different needs of our buyers.”
S-Oil is a producer of petroleum, petrochemical and lube base oil products. It intends to use LNG to power refining plants and as a feedstock for petrochemical products.
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By GlobalDataPetronas mainly uses its base in Bintulu, Sarawak to supply LNG.
In recent years, the company has added Australia’s Gladstone LNG and a floating facility located offshore Sarawak to its supply portfolio.
Last month, Petronas reached a deal to supply LNG to Tokyo Gas for a period of up to 13 years.
