Petronas Signs Deal for 3 New LNG Vessels

Oil & Gas

Petronas LNG Ltd. has announced that it has signed a deal for three newbuild LNG vessels with shipowner Hyundai LNG Shipping (HLS).

As part of the deal, HLS has signed shipbuilding contracts with Hyundai Heavy Industries (HHI) for the construction of the three vessels. Upon completion, the vessels will be among the most energy efficient LNG carriers ever built, with shaft generators powered by LNG, Petronas noted. The newbuild vessels are expected to be delivered from the second quarter of 2024 on a staggered basis and will primarily be used to lift cargoes from LNG Canada, Petronas revealed.

The deal with HLS was awarded via an international tender exercise to support Petronas’ growing global LNG business portfolio, the company said. A virtual commemoration ceremony for the conclusion of the deal between the three companies was recently held and witnessed by Petronas Executive Vice President and Chief Executive Officer of Gas and New Energy, Adnan Zainal Abidin, HLS President and Chief Executive Officer, Kyubong Lee, and HHI Senior Executive Vice President and Chief Operating Officer, S.Y Park.

“With these vessels, Petronas has grown its global LNG fleet from 24 to 27 covering small, medium, and large sized vessels,” Petronas said in a company statement.

“The multi-sized fleet has enabled the company to reliably deliver LNG to over 25 countries from its global portfolio of supply located in Malaysia, Australia, Egypt, and Canada by 2024. To date, Petronas has delivered over 11,500 LNG cargoes across the world,” Petronas added in the statement.

Petronas is one of the largest and most reliable LNG players, according to its website, which outlines that the business has a total LNG production capacity of close to 36 million tons per year. Last month, it announced that it had become the first global energy company to produce LNG from two floating facilities.

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