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The company’s LNG sales in January-June this year dropped by 2.7 percent year-on-year to 17.34 million tonnes.
In the same period last year, LNG sales rose by 8 percent year-on-year to 17.82 million tonnes, while full-year 2024 sales increased by 9 percent to 35.7 million tonnes.
Petronas said its gross LNG sales volume in the first half of this year decreased by 0.48 million tonnes mainly due to lower production at the LNG complex in Bintulu following planned turnaround and maintenance activities.
The company’s gas business reported revenue of 60 billion ringgit ($14.2 billion).
This was ower by 10 percent as compared to the same period in 2024 mainly due to the impact from foreign exchange coupled with lower processed gas sales volume, according to Petronas.
Profit after tax (PAT) of 10.4 billion ringgit was higher compared to 9.8 billion ringgit last year, primarily driven by higher net tax expense in the previous year, the company said.
Excluding tax impact, profit before tax is lower by 0.4 billion ringgit, mainly due to lower net
product margin from LNG, Petronas said.
Bintulu LNG cargoes
In the first half, Petronas delivered 11.77 million tonnes (181 BCe) of LNG from the Bintulu LNG complex.
This compares to 192 LNG cargoes in the first half of the last year.
The Bintulu plant, which has shipped more than 12,000 LNG cargoes since it started operations in 1983, consists of nine trains and supplies key demand centers such as Japan, South Korea, China, and Taiwan.
The LNG complex includes MLNG Satu, MLNG Dua, MLNG Tiga, and the most recent Train 9 which started commercial operations in 2017.
FLNG
Besides the onshore facilities, Petronas continues to expand its FLNG business and it awarded the engineering, procurement, construction, commissioning (EPCC) contract for the nearshore floating LNG project in Sabah in 2023.
Japan’s LNG engineer JGC and South Korea’s Samsung Heavy are building the third floating LNG producer for Petronas and the unit will have capacity of 2 mtpa. It is scheduled for completion in 2027.
Earlier this year, Samsung Heavy launched the hull of the FLNG.
Upon completion, the nearshore LNG plant will increase Petronas’ LNG production from floating LNG facilities from 2.7 mtpa to 4.7 mtpa.
Currently, Petronas operates two floating LNG facilities, namely the 1.2 mtpa PFLNG Satu, and the 1.5 mtpa PFLNG Dua, both located offshore Sabah.
Petronas has delivered 1.36 million tonnes (21 BCe) of LNG from these two floating LNG producers in the first half.
This compares to 19 LNG cargoes in the same period last year.
Profit down
Petronas reported a revenue of 132.6 billion ringgit ($31.4 billion) for the first half of this year, down 19 percent compared to the same period last year.
The company attributed the decline to the impact from discontinued operations from the divestment of Engen in May 2024, unfavourable foreign exchange, as well as lower average realised prices from petroleum products, crude oil, and condensates following the downward trend in benchmark prices.
In tandem with lower revenue, profit of 26.2 billion ringgit ($6.2 billion) in the first half was down 19 percent year-on-year.
Petronas recorded Ebitda of 54.4 billion ringgit, lower by 15 percent compared to the last year.
The company expects oil prices to “remain subdued due to persistent geopolitical tensions, macroeconomic uncertainties, evolving regulatory landscapes and accelerated unwinding of OPEC+’s production cuts, which will continue to reshape global energy dynamics and trade flows.”
“In navigating the complex global market and operational challenges, the group is undergoing a strategic transformation with sharpened focus on portfolio high-grading and strategic partnerships, as well as enhanced productivity and cost efficiency,” Petronas said.