Malaysia’s Petronas and China National Petroleum Corporation (CNPC) signed a memorandum of understanding (MoU) to strengthen collaboration in various fields, including LNG.
The two companies signed the MoU in Shanghai on November 6.
According to a statement by Petronas, the MoU for strategic partnership will strengthen collaboration, among others, in the upstream exploration and production of oil and gas internationally, as well as the liquefied natural gas (LNG) value chain.
The MoU will also focus on ventures in fields such as specialty chemicals, renewable energy, green hydrogen technology, and carbon capture utilization and storage (CCS).
Additionally, the two parties aim to establish an open communication platform to facilitate the exchange of knowledge, insights, and best practices, Petronas said.
Over the years, Petronas has provided China with a “stable” energy supply, including LNG, petrochemical products, crude oil, petroleum products, and lubricants.
CNPC and Petronas are partners in the Shell-led LNG Canada project which is over 95 percent complete.
Last year, Petronas signed an LNG supply deal with a subsidiary of CNPC’s PetroChina.
This deal is is the first medium-to-long-term LNG purchase and sale agreement between PetroChina and Petronas.
In Malaysia, Petronas operates the giant Bintulu LNG complex with a capacity of about 29.3 mtpa.
Also, the company operates two floating LNG facilities, namely the 1.2 mtpa PFLNG Satu, and the 1.5 mtpa PFLNG Dua, both located offshore Sabah.
It is also working on the nearshore floating LNG project in Sabah, its third FLNG.