Petronas Strengthens LNG Foothold In China With JOVO's Contract Extension

KUALA LUMPUR, May 26 (Bernama) -- State oil firm, Petronas has recently concluded an extension contract with Guangdong-based JOVO Group Co Ltd, thus strengthening its liquefied natural gas (LNG) market presence in China. The extension would ensure a stable and significant increase of LNG supply to JOVO up until at least 2023 as the company sought to expand its downstream market to meet end-users demand in China, said Petronas in a statement here. JOVO owns and operates the Dongguan LNG terminal based in Guangdong, South China, where stability of supply and competitive pricing are fundamental to its growth strategies. "The extension of this contract proves that Petronas appreciates the Chinese culture of working together and understands what it takes for Chinese LNG buyers to grow and succeed in this market. "We were here from JOVO’s infancy in the LNG market, and we will be here to support them to grow further," said Vice President of LNG Marketing & Trading, Upstream, Petronas, Ahmad Adly Alias. He added that Petronas, backed by a solid and stable supply portfolio, intended to grow its footprint in China by increasing its LNG supply to existing buyers and expanding its customer base. Recognised as a flexible and reliable LNG supplier, Petronas, which operates from its main supply base in Bintulu, a coastal town on the island of Borneo in the central region of Malaysia's Sarawak state, has successfully delivered conventional deliveries into Yangshan, partial cargo deliveries into Dongguan and small vessel deliveries into Shanghai Wuhaogao and Hainan Macun. -- BERNAMA