KUALA LUMPUR, 18 February 2020 — PETRONAS through its subsidiary, PETRONAS LNG Ltd. (PLL) recently signed a 12-year Time Charter Party (TCP), with an option to extend for another 12 years, with a renowned Japanese shipowner, Kawasaki Kisen Kaisha, Ltd (“K” Line) for two midsized new build LNG vessels of approximately 79,960 cubic metres each in capacity.
During the signing ceremony, PETRONAS Executive Vice President and Chief Executive Officer of Gas & New Energy, Adnan Zainal Abidin commended the pace of the procurement and chartering of these vessels which were concluded within four months, thus setting a new standard in the industry.
This long term TCP is in line with the signing of the shipbuilding agreements between “K” Line and Hudong-Zhonghua Shipbuilding (Group) Co. Ltd. whereby these vessels will be constructed in Shanghai, China, and expected to be delivered in the second quarter of 2022. These identical vessels will be dedicated to serving PETRONAS’ long term LNG delivery commitment to Shanghai under the new LNG supply agreement with Shenergy Group Company Limited (Shenergy).
The vessels known as Wuhaogou-Max (W-Max) are specifically built to fully optimise the delivery of LNG cargoes to Shenergy’s Wuhaogou LNG terminal in Shanghai. The vessels are capable of delivering fully laden cargoes within the channel’s permissible limits without exceeding the port’s draught limitation.
The signing of the respective agreements between PLL and “K” Line for the TCP, together with the shipbuilding contracts between “K” Line, Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. and China Shipbuilding Trading Co., Ltd. were witnessed by PETRONAS President and Group Chief Executive Officer, Tan Sri Wan Zulkiflee Wan Ariffin.
Established in 1974, Petroliam Nasional Berhad (PETRONAS) is Malaysia’s fully integrated oil and gas multinational ranked among the largest corporations on FORTUNE Global 500®. As an integrated global LNG producer with over 35 years of experience, PETRONAS provides an uninterrupted supply of LNG to more than 25 countries around the world. PETRONAS has safely delivered more than 10,000 cargoes globally, sourced from its portfolio of facilities located in Malaysia, Australia and soon, Canada. It is also the first global energy player to introduce the floating LNG concept in 2016, the PFLNG Satu, and recently named its second floating LNG vessel, the PFLNG Dua, at the end of 2019.
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