Citing company officials at the Asia Oil and Gas Conference in Kuala Lumpur this week, Reuters said Petronas is resorting to this to cope with new supply coming onstream just as its major long-term contracts with longtime buyers are expiring.
Petronas, one of the world's top LNG exporters, is in a difficult position as its supply is expanding after new facilities at its Bintulu terminal and its first floating LNG unit come onstream.
"New demand creation is becoming a norm," said Petronas vp of LNG trading and marketing Ahmad Adly Alias. "We have recently restructured our organisation to put a lot more focus on Middle East and South Asia... We've also set up a team to cover Southeast Asia," he said.
In China, Petronas plans to work with a partner to sell smaller parcels to meet the demand of small buyers, Ahmad said. Petronas is also exploring LNG sales as a transportation fuel for trucks and ships.
Meanwhile contracts with top buyers in Japan are due to expire by March next year and Petronas needs to start negotiations, which will inevitably deviate from the established long-term, fixed volume and price contract model common in the past.
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