Chairman of the board of Gazprom, First Vice Prime Minister of the Russia Dmitry Medvedev
Photo: Dmitry Dukhanin
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Gazprom Signs with Malaysian Petronas
Gazprom and the Malaysian Petroliam Nasional Berhad (Petronas) have signed a memorandum of cooperation on the production, transport and storage of natural gas. The companies have no specific projects yet. Analysts say that Petronas is a very successful gas exporter that may be helpful to Gazprom for dividing spheres of influence on the liquefied natural gas market and setting prices.
Gazprom deputy chairman Alexander Medvedev and Petronas president Mohd Hassan Marican et at the 12th Asian petroleum conference in Kuala Lumpur. The memorandum they signed foresees joint projects in Malaysia, Russia and third countries and sets out the principles of cooperation for the construction of gas infrastructure, including pipelines, underground reservoirs and regasification terminals.
Malaysia has proven reserves of 2.4 trillion cu. m. of gas. Last year, production of natural gas there reached 62.8 billion cu. m. Consumption of gas amounted to 33 billion cu. m. The country's energy balance consists of 49 percent natural gas, 39 percent oil, 10 percent coal and 2 percent electricity. Petronas was founded in 1974. It is fully state-owned and has a monopoly right to use and export hydrocarbon resources in Malaysia.
Experts say that Gazprom does not need Malaysia as a resource base, but as partner in the high-confidence group formed in April in Doha on Russia's initiative as a kind of “gas OPEC.” The Asian market for liquefied natural gas is growing rapidly. Japan, South Korea, Taiwan and India buy their liquefied natural gas almost exclusively from Petronas. Sixty percent of liquefied natural gas sales take place in Asia, and Petronas accounts for 15 percent of the world's exports of that substance.
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