The Czech Minister of Industry and Trade, Jozef Síkela discussed possible supplies of liquified natural gas (LNG) with Malaysia’s biggest energy company, PETRONAS.
“PETRONAS is currently developing projects all over the world and some of them could help, in the medium term, to further diversify resources and strengthen the energy security of our country and the whole of Europe,” said Minister Síkela during a visit to Vietnam and Malaysia, the two most important business partners of the Czech Republic in Southeast Asia.
On this occasion, Minister Síkela expressed also its support for the European Commission’s efforts to establish cooperation with countries of the Indo-Pacific region regarding possible LNG and hydrogen supplies, as well as the new technologies these sectors offer.
Indeed, according to Fitch Solutions Country Risk & Industry Research, Malaysia’s LNG production is set to rise due to a combination of LNG production capacity additions and a potential increase in LNG production from the Bintulu plant. In particular, Floating LNG projects are literally changing Malaysia’s LNG landscape because they are considered to be less capital-intensive and flexible. The state-owned Petronas and Sabah Oil & Gas Development Corporation are going ahead with the third 2 million tonnes per annum (mtpa) near-shore Floating LNG project dubbed as ZLNG in Sabah state as they announced the final investment decision in December 2022. This project is slated to come online by mid-2027 and will raise Malaysia’s total LNG production capacity from 32 mtpa in 2022 to 34 mtpa in 2027.
