KUALA LUMPUR (Sept 27): Mitsubishi Corporation has committed to continued investment in the Malaysia LNG (MLNG) Dua and Tiga facilities, further solidifying its partnership with Petroliam Nasional Bhd (Petronas), according to a statement on Friday.

This move is part of a broader set of agreements aimed at reinforcing the collaboration between the two companies, which have worked together for 46 years to deliver liquefied natural gas (LNG) to international markets, primarily to customers in Japan.

The agreements were signed by Petronas president and group chief executive officer Tan Sri Tengku Muhammad Taufik and Mitsubishi president and CEO Katsuya Nakanishi. 

They outlined Mitsubishi's extension of its 10% equity investment in MLNG Dua, and its reinvestment in 10% of MLNG Tiga over the next decade. 

This demonstrates Mitsubishi's ongoing commitment to these ventures, which include associated marketing activities and deliveries of LNG from Bintulu to Japan.

Nakanishi said: “Mitsubishi looks forward to providing continuous support in growing and nurturing access to the global LNG market for Petronas’ future volumes, with LNG being the fuel of choice in the age of energy transition. 

"At the same time, we are excited to unlock further value through our collaboration with Petronas as well as with the Sarawak government, with whom we have achieved many historical milestones in Malaysia."

Tengku Muhammad Taufik expressed his enthusiasm for the strengthened partnership, saying: “Our relationship with Mitsubishi began with our first joint-venture agreement in 1978, and we are therefore excited about strengthening our ties further, especially in the era of energy transition where LNG is the natural fuel alternative.

"I look forward to more exciting endeavours, as we leverage opportunities together and address challenges that will positively impact our organisations and nations.”

The Petronas LNG complex, through partnerships and alongside Mitsubishi, has been supplying LNG to Japanese long-term contract buyers since 1983. The complex comprises four joint ventures: MLNG, MLNG Dua, MLNG Tiga, and Petronas LNG 9, with a combined production capacity of 29.3 million tonnes per annum, making it one of the world’s largest LNG producers at a single location, according to the statement.

The complex has been the main supplier of lower-carbon energy solutions to a diverse range of public- and private-sector customers in Japan, the statement read.

Beyond its primary business of natural gas in Malaysia, Mitsubishi has also invested in a total of 10 gas upstream blocks in Sarawak. 

The company's investments in Malaysia extend to other sectors, including automobiles, food, petrochemicals, metal and steel, bringing its total investment amount in the country to approximately RM5 billion last year.