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Petronas calls for collective action for sustainable LNG market

Tan Sri Wan Zulkiflee Wan Ariffin

Tan Sri Wan Zulkiflee Wan Ariffin

Syndicated News
Written by Syndicated News

KUALA LUMPUR, Oct 26 2018 : Petronas has urged all stakeholders in the liquefied natural gas (LNG) industry to take concrete actions to advocate natural gas and its role in the global energy mix, as a collective effort towards a sustainable market ecosystem.

President and Group Chief Executive Officer Tan Sri Wan Zulkiflee Wan Ariffin said that gas will play a significant role in the energy mix and will be necessary to fulfil future demands.

“Gas is the solution that is here to stay, and making gas available to the various geographies not only makes good business sense, but is also our moral duty in ensuring a cleaner environment for future generations,” he said in a statement today.

Wan Zulkiflee also said that for LNG adoption to fully take hold, gas advocacy should be the focus of all the industry’s collaborative efforts.

“Producers and buyers must engage in honest discussions on their immediate and longer-term  supply and demand to ensure market stability and security, besides spurring investments,” he added.

Investors, policymakers, regulators, financiers and other industry enablers should cultivate a thorough and holistic understanding of the industry to develop and implement the right frameworks that facilitate the acceleration of LNG adoption, he said.

“We observed that in some emerging markets, the sole reliance on free markets and the lack of government interventions have impeded the development of the gas market.

“On the other hand, we have seen that LNG has gained the required momentum in countries such  as Pakistan and Bangladesh where there are supportive government actions that are facilitating investments,” he said.

Petronas, one of the largest global LNG players and the world’s third largest LNG supplier, is well positioned to provide distinctive and innovative solutions through its growing portfolio of LNG supply sources and trading capabilities.

“Petronas is poised to deliver long-term value via LNG, in line with our commitment to sustainable and responsible development of resources in meeting global energy needs,” added Wan Zulkiflee. – Bernama

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