Partnerships Needed To Foster Sustainable LNG Market: Petronas

Malaysian state-run Petronas has called for concerted partnerships by industry players in aligning to advocate LNG as the preferred clean source of energy in the long-term.
 
Company CEO Sri Wan Zulkiflee Wan Ariffin said that it is now more critical for industry players to come together in managing the challenges posed by changing market dynamics, customer behaviours, increasing regulatory and policy commitments, as well as technology and innovation, which could disrupt the growth of the LNG market.

Speaking at the recent LNG Producer–Consumer Conference 2019 in Tokyo, Japan, he talked about the importance of advocating LNG and creating new demand. “As each demand centre, particularly emerging markets, has its own unique criteria, industry players should collaborate with all stakeholders in developing fit-for-purpose solutions, reflecting shared responsibility in making LNG more available and accessible.”

“As an abundant and environment-friendly fuel, LNG is well-positioned to play an important role to meet the global aspiration for secure, affordable and sustainable energy. While the growth story for LNG has a tremendous upside, the industry must be cautious. The success of our industry depends on the concerted and concrete actions by all the stakeholders,” he said.
  
He also highlighted that partnerships across the value chain have opened up new collaboration opportunities, as well as increased interaction amongst all stakeholders. Given the long term nature of the LNG industry, increased interactions amongst stakeholders will facilitate the harmonisation of standards and guidelines such as port protocols and the safety regulations for LNG bunkering, he said.