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September 22, 2017

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CPC signs new deal to buy LNG from Malaysia

TAIPEI -- Taiwan's state-owned oil company CPC Corp. said that it has signed a new contract with its Malaysian counterpart to continue to purchase liquefied natural gas (LNG) from the Southeast Asian country.

Under the six-year agreement that was signed Wednesday in Kuala Lumpur, Petroliam Nasional (Petronas) will supply CPC with about 2.25 million tons of LNG annually, starting in April.

The gas will be supplied through the state-run Malaysian firm's two subsidiaries — Malaysia LNG Sdn Bhd (MLNG) and Petronas LNG Ltd. (PLL).

As the second largest LNG exporter in the world, Malaysia has become one CPC's important suppliers, said the Taiwanese company, which also buys LNG from Indonesia and Qatar.

CPC said it started buying LNG from Petronas in 1995 under a 20-year purchasing agreement, and the new contract shows that the cooperation between the two companies has grown stronger.

Meanwhile, the Taiwanese company said, it is talks with the U.S. on buying shale gas, and delivery is expected to start in 2018.

The efforts to increase the supply of clean fuel reflect its adherence to the government's policy of creating a low carbon emission environment in Taiwan, CPC said.

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