Petronas and Mitsubishi Corporation strengthen 46-year partnership with new deals

KUCHING: Petronas and Mitsubishi Corporation have strengthened their 46-year partnership with the signing of new agreements, further solidifying the trust in Petronas’ capabilities to deliver Liquefied Natural Gas (LNG) to international markets, with a primary focus on customers in Japan.

In a statement, it said that this collaboration underscores the commitment of both parties to ensuring energy security and their shared ambition for a lower-carbon future.

It added that the agreements outlined Mitsubishi Corporation’s investment in the Malaysia LNG (MLNG) Dua and MLNG Tiga for the next decade with the extension of its 10 per cent equity shareholding in MLNG Dua, and the reinvestment of a 10 per cent equity shareholding in MLNG Tiga.

“The agreements mark the continued participation of Mitsubishi Corporation in the two ventures, along with associated marketing activities and deliveries of LNG from Bintulu to Japan.”

Following the signing, Petronas president and group chief executive officer Tan Sri Tengku Muhammad Taufik said that Petronas is honoured to mark a new chapter in their long-standing relationship with Mitsubishi Corporation.

“With our strengthened synergy, we look forward to the continued successes of MLNG Dua and MLNG Tiga, which have proven mutually beneficial for over 45 years.

“Together with Mitsubishi Corporation and the support of the Sarawak government, Petronas remains fully committed to ensuring the safe and reliable supply of LNG to fuel the economies of Malaysia, Japan and our customers around the globe towards a sustainable, lower-carbon future,” he said.

Meanwhile, Mitsubishi Corporation president and chief executive officer Katsuya Nakanishi stated that Mitsubishi Corporation looks forward to providing continuous support in growing and nurturing access to the global LNG market for Petronas’ future volumes with LNG being the fuel of choice in the age of energy transition.

“At the same time, we are excited to unlock further value through our collaboration with Petronas as well as with the Sarawak government, with whom we have achieved many historical milestones in Malaysia,” he said.

The agreements were signed by both Tengku Muhammad Taufik and Katsuya Nakanishi.