KUALA LUMPUR, Oct 8 — Petgas Trading (UK) Ltd, a UK subsidiary of Malaysian oil and gas multinational, Petronas, announced today that it has entered into a number of collaborative ventures with Gazprom Marketing & Trading Ltd, a UK subsidiary of the Russian gas giant, Gazprom.
In a statement today, it said the collaboration initially focused on opportunities related to the recently commissioned Dragon LNG terminal in Milford Haven, South Wales, in which Petgas Trading has a 50 per cent share of the terminal’s LNG re-gasification capacity.
The terminal is able to supply 6 billion cubic metres of LNG importation annually, enough to cater to approximately 5 per cent of the UK’s gas consumption.
According to the statement, the venture was strengthened by Petronas’ more than 20 years of experience and leadership in various aspects of the LNG business value chain and Gazprom Marketing’s strong position as a leading gas trader in the UK and Northwest European gas markets.
In addition, both companies’ affiliate trading entities are well positioned to deliver LNG cargo in the terminal, which will enhance the terminal’s utilisation and facilitate greater diversity and security of supply to the UK market.
For Gazprom, Glboal LNG supplied two cargoes into the Dragon LNG terminal including a commissioning cargo in August and Dragon LNG’s first commercial delivery in early September.
Additional LNG cargoes is now being planned through the coming winter and into 2010.
The companies have expanded the initial area of collaboration to include other gas marketing and trading activities, and discussions are on-going to deepen and extend the scope of the two companies relationship which may include ventures beyond the UK gas market. — Bernama
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