Pembina and PETRONAS Enter Long-Term Agreement for Cedar LNG Capacity

CALGARY, ALBERTA, 5 November 2025 – Pembina Pipeline Corporation (“Pembina”) (TSX: PPL; NYSE: PBA) and Petroliam Nasional Berhad (“PETRONAS”) today announced the signing of a 20-year agreement (the “Agreement”) for 1.0 million tonnes per annum (“mtpa”) of Pembina’s liquefaction capacity at the Cedar LNG facility (“Cedar LNG”) by their subsidiaries.

The Agreement is a synthetic liquefaction service structure for 1.0 mtpa of capacity, under which Pembina will provide transportation and liquefaction capacity to PETRONAS LNG Ltd over a 20-year term. It enables PETRONAS to access an additional natural gas export outlet for its sizeable Canadian upstream investment, while providing Pembina with a stable long-term, take-or-pay revenue stream and the potential for value enhancement. The Agreement also demonstrates the shared commitment of both Pembina and PETRONAS to realise the long-term potential of Canadian LNG, supporting energy security and advancing the transition to cleaner fuels in Asia.

“PETRONAS is a global LNG industry leader and one of the largest gas producers in Canada. This agreement is an extension of our existing relationship with them and an important development in Pembina's ongoing expansion of its export business. This agreement further validates Cedar LNG and highlights the strong demand for global export capacity given the clear advantages of Canadian West Coast LNG, including competitively priced feedstock and advantaged shipping distances to Asian markets,” said Stu Taylor, Pembina’s Senior Vice President & Corporate Development Officer. “It also demonstrates Pembina’s commitment to delivering growth and executing our strategy within the company's financial guardrails.”

“This milestone reflects PETRONAS’ long-standing commitment to our investment in Canada and our continued effort to fortify our global LNG supply portfolio. We welcome this partnership with Pembina and the Cedar LNG project as it underscores PETRONAS’ role as an integrated energy player and demonstrates our dedication to responsibly monetise our gas resources. This arrangement improves supply diversity and enhances reliability of supply for customers, while reinforcing our steadfast commitment to deliver reliable, lower-carbon energy solutions to meet Asia’s growing energy needs,” said Shamsairi M Ibrahim, Vice President of LNG Marketing and Trading, PETRONAS Gas and Maritime Business.

Pembina previously signed a 20-year take-or-pay liquefaction tolling service agreement for 1.5 mtpa of LNG to support the final investment decision on Cedar LNG in June 2024 and ultimately maintain key project timing and economic parameters, with the expectation of remarketing the capacity at a later stage. The Agreement with PETRONAS marks a significant first step in Pembina’s remarketing efforts. Pembina expects to reach definitive agreements for the remaining 0.5mtpa of capacity by the end of 2025.

The US$4 billion (gross) Cedar LNG project remains on-time and on-budget, with an expected in-service date in late 2028.