Shizuoka Gas Signs Memorandum of Agreement with Malaysia LNG for purchase of LNG

abarrelfullabarrelfull wrote on 11 Sep 2012 06:14
Tags: asia lng petronas shizuoka-gas

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Shizuoka Gas Company, Ltd. (Shizuoka Gas) today signed a Memorandum of Agreement (MOA) with Malaysia LNG Sdn. Bhd. (Malaysia LNG) on the key terms and conditions for purchase of LNG.

Shizuoka Gas has purchased LNG from Malaysia LNG since 1996. In the meantime, as the existing LNG sale and purchase agreement is set to expire on March 2016, Shizuoka Gas and Malaysia LNG entered into discussions on a new contract starting from April 2016 and have reached this MOA. In accordance with this MOA, Shizuoka Gas and Malaysia LNG will move forward with discussions to conclude a new LNG sale and purchase agreement.

Shizuoka Gas and Malaysia LNG have built a strong relationship from the very early stage of Shizuoka Gas’s introduction of LNG to today. Having agreed this MOA, Shizuoka Gas will continue to procure stable LNG supply from Malaysia LNG.

Shizuoka Gas, through development and expansion of its natural gas markets, is committed to continued contribution to the local community’s prosperity and realization of a low carbon society.

1. Gist of MOA

  • Seller Malaysia LNG Sdn. Bhd.
  • Buyer Shizuoka Gas Company, Ltd.
  • Contract Period April 2016 to March 2026 (10 years)
  • Contract Quantity 0.33 million tons per annum
  • Delivery Terms Ex-ship

2. Malaysia LNG in Brief

  • Company Name Malaysia LNG Sdn. Bhd.
  • Location Bintulu, Sarawak, Malaysia
  • Established June 14, 1978
  • Business Production, storage, loading, delivery and sales of LNG
  • Shareholders
    • Petroliam Nasional Berhad (PETRONAS) (90%)
    • The Sarawak State Government (5%)
    • Mitsubishi Corporation (5%)

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