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Statoil signed an agreement to deliver liquefied natural gas (LNG) to Petronas at its LNG import terminal in Melaka, Malaysia.
The agreement was signed during a ceremony at the World Gas Conference in Kuala Lumpur, Malaysia, by Eldar Sætre and M Sabarudin M Amin, chief executive officer of Petronas LNG.
Malaysia has traditionally been a major exporter of LNG with long term sales to Japan, South-Korea and Taiwan.However, increased domestic demand has led to the construction of Malaysia's first LNG import terminal in Melaka.
Statoil will deliver the first cargo under the agreement in August this year, shortly after the terminal starts operations.
There is an increased demand for LNG in Asia and we want to position Statoil to take part in that growth," said Rune Bjørnson, Statoil’s senior vice president for natural gas.
About 1 billion cu m gas will be delivered under the flexible supply agreement that runs for 3.5 years.