Malaysia’s state oil and gas company Petronas has made its first LNG delivery to South Korean Oil Refining Company, S-Oil Corporation, the company said in a statement on Tuesday.
Sunday’s delivery, which was made through Petronas’ subsidiary, Petronas LNG Ltd. (PLL) marks the beginning of PLL’s supply to S-Oil via a 15-year sale and purchase agreement, according to the press release.
The supply agreement between Malaysia’s government-owned oil giant, and South Korea’s third largest refiner was signed last August, covering the period from March 2018 through March 2033.
Under the agreement, PLL is committed to deliver up to 0.7 million tonnes of LNG per year to S-Oil.
The cargo was delivered from Petronas’ main LNG supply base in Bintulu in the eastern state of Sarawak, the statement said.
Last year, Petronas was ranked 184th on the Fortune 500 list with a revenue of $49.47 million. The company has been among the world’s 500 largest companies for 21 years.
By Hale Turkes