Petronas LNG inks 20-year contract to lease LNG carriers to Hyundai LNG Shipping, largest deal ever in South Korea — report

KUALA LUMPUR (April 28): Petroliam Nasional Bhd’s (Petronas) subsidiary Petronas LNG has on Tuesday signed a 20-year contract with Hyundai LNG Shipping to lease up to six liquefied natural gas (LNG) carriers to the latter, starting in 2024, the Korea Herald reported.

Citing IMM Private Equity, which controls the shipping agent dedicated to LNG carriers, the report said the deal — which involves 174,000-cubic-metre LNG vessels — could be the largest in South Korea’s history in terms of cargo capacity.

According to the report, the vessels will transport LNG from Kitimat, British Columbia, to Asian countries including Japan and China under Petronas’ “LNG Canada” project.

The deal will also see South Korean shipbuilder Hyundai Heavy Industries building the vessels.

IMM Private Equity, however, did not share how much Hyundai LNG Shipping would have to pay Petronas.