Norway's Equinor strikes Malaysia LPG deal with Global Petro Storage

22/11/2018 10:05 Oil Market

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Equinor and Global Petro Storage (GPS) have entered into a long-term agreement to build and operate a terminal and storage facility for liquefied petroleum gas (LPG) at Port Klang in Malaysia, the Norwegian company said on Thursday.

Under the terms of the deal GPS will build a new facility at the port, with start-up of operations planned for mid-2021.

 

Oil and gas firm Equinor will bring LPG to the terminal to sell into Malaysia and other Asian markets including Bangladesh, the Philippines, India, Indonesia and Vietnam.

 

Equinor plans to source the LPG from the North Sea, North Africa, the Middle East and Australia.

 

As part of the agreement, Equinor will have an option to acquire a share of the new storage facility and terminal, of which it will be the only user.

 

Equinor said its operations already account for around 10 percent of the global waterborne LPG volumes. It did not disclose the value of the deal.

Source: reuters.com

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