Woodside Signs 15-Year LNG Supply Deal with Malaysia’s Petronas
(Reuters) — Australia's Woodside Energy has entered an agreement with a unit of Malaysian state-owned oil and gas firm Petronas to supply liquefied natural gas (LNG) to Malaysia starting 2028, the two companies said on June 18.
Under the deal, Woodside Energy, Australia's largest independent oil and gas producer, will supply 1 million tonnes per annum of LNG to Malaysia for a period of 15 years.
The LNG will be sourced from Woodside's global portfolio, including the recently approved Louisiana LNG project in the United States.
The agreement is expected to support Petronas’ efforts to ensure secure and flexible LNG supply to meet growing demand in Peninsular Malaysia and the broader Asia-Pacific region, the companies said.
On Tuesday, Petronas Chief Executive Tengku Muhammad Taufik said the company is planning to start importing LNG in four to five years.
The companies said they are working to finalize the heads of agreement into a formal sales and purchase agreement.
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