Petronas seals gas supply pact with Japanese firm

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National oil company Petronas on Tuesday sealed a RM6.08 billion agreement to supply liquefied natural gas (LNG) to a Japanese firm for 20 years.

In a statement, Petroliam Nasional Bhd (Petronas) said an agreement was signed between its unit Malaysia LNG Tiga Sdn Bhd and the semi-government Japanese Petroleum Exploration Co Ltd.

The 480,000 tonnes of LNG will be supplied to the Japanese company from Malaysia LNG's plant in Bintulu in Sarawak.

Last month, Petronas signed a RM76 billion contract to supply LNG to two other Japanese firms for 15 years.

The agreement with Tokyo Electric Power Co Inc and Tokyo Gas Co Ltd to supply up to 7.4 million tonnes of LNG annually for 15 years beginning 2003, was valued at about RM76 billion at current prices.

Malaysia, which is currently the world's third largest LNG supplier, provides about 25 percent of Japan's LNG requirements through nine utility companies in Japan.



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