CNOOC and PETRONAS Sign MOU for Strategic Collaboration
Chinese state-controlled CNOOC Ltd. and Malaysian state-owned Petroliam Nasional Bhd (PETRONAS) have signed a Memorandum of Understanding (MOU) for strategic collaboration primarily on liquefied natural gas (LNG) and upstream projects. The companies intend to work together towards energy security and cleaner energy solutions.
Under the framework of the MOU, the companies’ partnership will extend from primarily LNG trading and upstream projects to the whole value chain, across the globe, including opportunities in E&P, LNG supply and procurement, LNG infrastructure investment, renewable energy, refining, specialty chemicals, lubricants, and oilfield & engineering services, among others.
PETRONAS and CNOOC also intend to grow the use of natural gas as a cleaner marine fuel through LNG bunkering solutions, in support of the International Maritime Organization regulations on the reduction of greenhouse gas emissions from ships. The companies will also explore the establishment of a global bunkering supply network, leveraging on their shared experience in LNG bunkering through the MOU.
“A strengthened strategic partnership in energy solutions is in line with the interests of both CNOOC and PETRONAS, and is conducive to the mutual growth of both sides,” said CNOOC’s President Li Yong.
“We are confident that this partnership will contribute positively to the security and sustainability of the energy industry,” added Adnan Zainal Abidin, Executive Vice President of PETRONAS.