KUALA LUMPUR: Petroliam Nasional Bhd’s (Petronas) unit, Petronas LNG Ltd (PLL), has inked a memorandum of understanding (MoU) with Pavilion Gas, a wholly-owned subsidiary of Pavilion Energy, to explore collaboration opportunities in liquefied natural gas (LNG) business.
In a statement released Friday, Petronas said under the terms of the MoU, the two parties will explore ways to collaborate and optimise the opportunities within the LNG business, including spot trading and joint efforts relating to receiving terminals and storage facilities.
Signing on behalf of PLL was its chief marketing officer and chief executive officer (CEO) Ezhar Yazid Jaafar, while Pavilion Gas was represented by its vice president and LNG operations head Wong Vin Kee.
Also present to witness the signing were Petronas executive vice president and upstream CEO Datuk Mohd Anuar Taib and Pavilion Energy and Pavilion Gas CEO Seah Moon Ming.
Mohd Anuar said Petronas’ strong presence in the integrated LNG value chain and diversified LNG portfolio, together with Pavilion Energy’s position as one of the LNG aggregators in Singapore, would allow both companies to leverage on each other’s strengths to create value and growth in the region.
Seah said the MoU marked a significant step in the relationship between Pavilion Energy and Petronas.
“I am delighted to see close collaboration between our two companies which will also strengthen and grow the regional LNG market,” he said.