Mitsubishi Corporation Strengthens Partnership with PETRONAS, Reinforcing Confidence in LNG Operations in the Region

KUALA LUMPUR, 27 September 2024 – PETRONAS and Mitsubishi Corporation have strengthened their 46-year partnership with the signing of new agreements, further solidifying the trust in PETRONAS’ capabilities to deliver Liquefied Natural Gas (LNG) to international markets, with a primary focus on customers in Japan.

This collaboration underscores the commitment of both parties to ensuring energy security and their shared ambition for a lower-carbon future.

The signatories of the agreements were PETRONAS President and Group Chief Executive Officer, Tan Sri Tengku Muhammad Taufik and Mitsubishi Corporation President and Chief Executive Officer, Katsuya Nakanishi.

The agreements outlined Mitsubishi Corporation’s investment in the Malaysia LNG (“MLNG”) Dua and MLNG Tiga for the next decade with the extension of its 10 per cent equity shareholding in MLNG Dua, and the reinvestment of a 10 per cent equity shareholding in MLNG Tiga. The agreements mark the continued participation of Mitsubishi Corporation in the two ventures, along with associated marketing activities and deliveries of LNG from Bintulu to Japan.

This strategic partnership highlights Malaysia’s robust economic landscape, particularly in Sarawak, as an attractive destination for foreign direct investment.

Tan Sri Tengku Muhammad Taufik said, “PETRONAS is honoured to mark a new chapter in our long-standing relationship with Mitsubishi Corporation. With our strengthened synergy, we look forward to the continued successes of MLNG Dua and MLNG Tiga, which have proven mutually beneficial for over 45 years. Together with Mitsubishi Corporation and the support of the Sarawak State Government, PETRONAS remains fully committed to ensuring the safe and reliable supply of LNG to fuel the economies of Malaysia, Japan and our customers around the globe towards a sustainable, lower-carbon future.

Katsuya Nakanishi said, “Mitsubishi Corporation looks forward to providing continuous support in growing and nurturing access to global LNG market for PETRONAS’ future volumes with LNG being the fuel of choice in the age of energy transition. At the same time, we are excited to unlock further value through our collaboration with PETRONAS as well as with the Sarawak State Government, with whom we have achieved many historical milestones in Malaysia.”

The PETRONAS LNG complex, through partnerships and alongside Mitsubishi Corporation, commenced LNG supply to long-term Japanese contract buyers since 1983. PETRONAS LNG Complex comprises four joint ventures: MLNG, MLNG Dua, MLNG Tiga and PETRONAS LNG 9 with a combined production capacity of 29.3 Million Tonnes Per Annum (MTPA), making it one of the world’s largest LNG facilities in a single location. PETRONAS LNG Complex is among the main LNG suppliers, providing lower-carbon energy solutions to a diverse range of public and private sector customers in Japan.

Besides its main business of natural gas in Malaysia, Mitsubishi Corporation has also participated in ten gas upstream blocks in Sarawak and expanded its areas of investment in Malaysia to automobile, food, petrochemicals, metal and steel, bringing the company’s total investment amount into the country to approximately RM5 billion last year.