The LNG, to be supplied to Kogas from the Petronas LNG Complex in Bintulu, will be transported from Bintulu to Kogas receiving terminals in in South Korea by LNG vessels owned and operated by Malaysia International Shipping Corporation Bhd, a subsidiary of Petronas.
Kogas is currently the world’s single largest LNG importer, importing close to 20 million tonnes per annum.
The latest signing also makes it the largest importer of Malaysian LNG, with a total of 6.7 million tonnes per annum. Malaysian LNG companies will supply apbout 24% of the total volume of Kogas imports, estimated to be about 25 million tonnes by 2008.
The Petronas LNG will come from the Malaysia LNG Tiga plant – a joint venture between Petronas (60%), the Sarawak government (10%), Shell Gas BV (15%), Nippon Oil LNG (Netherlands) BV (10%) and Diamond Gas Netherlands BV (5%).
The MLNG Tiga plant comprises two liquefaction trains, each with an annual production of 3.4 million tonnes.
The Petronas LNG Complex in Bintulu also includes two other plants, makin g it the world's largest LNG production facility in a single location with a combined production capability of about 23 million tonnes a year.