Malaysia’s Petronas posts higher LNG sales

Malaysian energy giant Petronas reported a rise in its liquefied natural gas (LNG) sales, boosted by higher demand and the launch of its second FLNG producer.

Total LNG sales during January-June rose 2 percent to 17.03 million tonnes as compared to 16.70 million tonnes in the same period last year.

Petronas said gross LNG sales volume rose by 1.39 million tonnes following higher demand and commissioning of its 1.5 mtpa PFLNG Dua in March this year.

LNG sales also increased in the second quarter. Petronas sold 8.10 million tonnes in the second quarter, up from 6.71 million tonnes in the same period last year.

In addition, Petronas said its overall revenue rose 17 percent to 109.6 billion ringgit ($26.1 billion) in the January-June period. Post-tax profit reached 18.9 billion ringgit, against a loss of 16.5 billion ringgit in the same quarter last year.

Petronas attributed the rise to favorable average realized prices for major products and higher sales volume impact mainly for LNG and gas.

LNG bunkering on the rise

A unit of Petronas started using the Avenir LNG-owned vessel Avenir Advantage in November last year by completing Malaysia’s first STS bunkering operation.

Future Horizon, a joint venture between Petronas’ unit MISC and Avenir, chartered the vessel to Petronas LNG for a period of three years.

Earlier this year, Petronas has also completed its first bunkering operation in Port Klang as it continues to expand its LNG fueling business.

Petronas said in its results report it had completed in total nine LNG bunkering deliveries in the Strait of Malacca.

Avenir Advantage has bunkered several different ships including Siem’s car carrier, Altera’s shuttle tankerPosco’s bulk carrier, and Furetank’s tanker Fure Vinga.

In addition to the bunkering business, Petronas said it continues to expand the supply of LNG via trucks to off-grid and marine industry customers. In total, the energy giant has completed 180 virtual pipeline system (VPS) deliveries in Malaysia, it said.

Most Popular

Another steam LNG carrier sold for demolition

An NYK-managed steam liquefied natural gas (LNG) carrier has been sold for demolition, according to brokers.

Canada approves Ksi Lisims LNG project

According to a statement on Monday, Julie Dabrusin, Minister of Environment and Climate Change, issued her decision under the...

Abaxx sees significant volume growth in its LNG futures

Abaxx Commodity Futures Exchange, a wholly owned subsidiary of Abaxx Technologies (CBOE:ABXX) has seen significant volume growth in its physically deliverable LNG futures during the past summer months, according to Abaxx Exchange Chief Commercial Officer Joe Raia.

More News Like This

Woodside, Petronas seal 15-year LNG SPA

Australia's Woodside has signed a long-term deal with Malaysia's Petronas to supply the latter with liquefied natural gas (LNG) from its global portfolio. The deal may include supplies from Woodside's Louisiana LNG project in the US.

Petronas says Bintulu LNG operations not affected after security threat

Operations at the giant Bintulu LNG plant in Sarawak remain uninterrupted following the Malaysian National Security Council’s announcement regarding a potential security risk, according to Malaysian energy giant Petronas.

LNG Canada sends tenth cargo

Shell-led LNG Canada has shipped the tenth cargo of liquefied natural gas from its Kitimat facility on the west coast of Canada.

Malaysia’s Petronas logs lower LNG sales in H1

Malaysian energy giant Petronas reported a decline in its liquefied natural gas (LNG) sales and net profit for the first half of this year compared to the same period last year.