KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) through its subsidiary Petronas LNG Ltd has entered into a liquefied natural gas (LNG) sale and purchase agreement with Korea Midland Power Co Ltd.
Under the agreement, the oil and gas giant said Korea Midland has agreed to purchase 0.24 million tonnes per annum of LNG from Petronas LNG on a delivery ex-ship basis for five years, beginning 2020.
Petronas vice president of LNG marketing and trading Ahmad Adly Alias said this helps build a relationship with one of South Korea’s largest power generation companies, Korea Midland Power and increase its customer base in the region.
This also demonstrates Petronas LNG’s growing capabilities to provide clean energy solutions as a partner for a sustainable future, Adly added.
Korea Midland Power president and chief executive officer Hyung Koo Park said: “It is really meaningful to us in many ways to build a good business relationship with Petronas LNG.”