Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

UPDATE 1-Japan's JX, Petronas start Malaysia LNG train

Published 23/01/2017, 06:57 pm
Updated 23/01/2017, 07:00 pm
© Reuters.  UPDATE 1-Japan's JX, Petronas start Malaysia LNG train

* Ninth train of Bintulu complex started Jan. 1

* Train has a production capacity of 3.6 mln tpy (Adds detail, background)

TOKYO, Jan 23 (Reuters) - JX Nippon Oil & Energy Corp said its venture with Malaysian state oil firm Petronas PETR.UL has started commercial operations at the ninth liquefaction train at the Petronas LNG complex in Bintulu, Sarawak.

The train, with a production capacity of 3.6 million tonnes of LNG per year, started on Jan. 1.

The launch of the ninth train comes at a time when U.S. LNG exporters are sending tankers to Asia to fill a gap in the region's demand as markets have tightened more-than-expected on surging consumption in China and Pakistan, and because of Australia's struggles to ramp up production. still, the LNG market remains well supplied, with available LNG capacity standing 45 percent above demand last year, according to Reuters Eikon data.

JX Nippon Oil, a unit of Japan's biggest oil refiner JX Holdings 5020.T , last June bought a 10 percent equity stake in a Petronas subsidiary that was developing the ninth train in Malaysia's Sarawak state. the launch of the ninth train, the Petronas LNG complex now has the capacity to produce about 30 million tonnes per year, JX said in a statement.

Malaysian shipper MISC took delivery of its latest 150,200 cubic metre LNG gas tanker, Seri Cenderawasih, last Friday. The ship, built by South Korea's Hyundai Heavy Industries 009540.KS , is on long term charter to Petronas to transport LNG from Bintulu.

The ship, the second in a series of five similar vessels built as part MISC's long-term fleet expansion programme to support the energy transportation needs of Petronas, is due to arrive at Bintulu on Jan. 27 to load its first cargo, ship tracking data on the Reuters Eikon terminal showed on Monday.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.