Dateline 2017-01-24, Hellenic Shipping News:
JX Nippon Oil & Energy Corp said its venture with Malaysian state oil firm Petronas 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.
But 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, last June bought a 10 percent equity stake in a Petronas subsidiary that was developing the ninth train in Malaysia’s Sarawak state.