This story requires a subscription
This includes a single user license.
The company’s LNG sales rose by 8 percent year-on-year to 17.8 million tonnes during January-June compared to 16.5 million tonnes in the first half of 2023.
During the first quarter of this year, LNG sales rose by 11.4 percent year-on-year to 9.89 million tonnes during.
Petronas said its gross LNG sales volume increased by 1.34 million tonnes in the first half mainly due to better trading opportunities and higher plant production.
The company’s gas business reported revenue of 58.7 billion ringgit ($13.5 billion), almost flat compared to the year before mainly due to impact from foreign exchange and higher sales volume partially offset by lower average realized prices, Petronas said.
192 Bintulu LNG cargoes
During the first quarter, Petronas delivered 192 LNG cargoes from the giant 30 mtpa Bintulu LNG export facility in Sarawak.
This is down by 8 cargoes compared to 200 shipments in the first half of 2023.
Petronas also completed 139,000 cbm of LNG bunkering vessel deliveries to the marine industry in Malaysia, and it delivered 491 trucks to remotely located customers across Malaysia.
The Bintulu plant, which has shipped more than 12,000 LNG cargoes since it started operations back 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 last year it awarded the engineering, procurement, construction, commissioning (EPCC) contract for the nearshore floating LNG project in Sabah.
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.
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, as well as the 1.5 mtpa PFLNG Dua, both located offshore Sabah.
Petronas has delivered 19 LNG cargoes from these two floating LNG producers during the first half.
This is the same number of cargoes compared to the last year.
Profit down
Petronas reported profit of 32.4 billion ringgit ($7.5 billion) in the first half, down 19 percent year-on-year primarily due to the deconsolidation of subsidiaries and higher taxation during the period, the company said.
The company recorded 171.7 billion ringgit in revenue for the first half of 2024, a slight increase from 169.0 billion ringgit in the corresponding period last year, mainly due to the impact from foreign exchange, it said.
This was partially offset by lower average realised prices, especially for LNG in tandem with declining benchmark prices, Petronas said.
Petronas recorded Ebitda of 64.1 billion ringgit, down by 9 percent year-on-year.
“The prolonged geopolitical tensions and macroeconomic uncertainties remain the key drivers of heightened volatility that continue to negatively impact the global market,” the company said.
“Amid the complexities of this challenging and dynamic landscape, Petronas remains agile in recognizing and prioritizing opportunities for growth,” it said.