KUALA LUMPUR: Malaysia has retained its position because the fifth largest liquefied pure fuel (LNG) exporter in 2023, after Russia, Qatar, Australia and the United States.
According to the International Gas Union’s fifteenth annual World LNG Report 2024 launched at present, Malaysia’s whole LNG export in 2023 was 26.75 million tonnes (MT), constituting about seven per cent of the overall LNG traded globally.
“The Kasawari fuel area in Malaysia with 3.7 million tonnes each year (MTPA) carbon dioxide capability (CO2) is listed as one of many LNG-linked carbon seize, utilisation and storage initiatives, with a carbon seize facility sourcing CO2 from the upstream or liquefaction elements of LNG initiatives as one other emissions mitigation measure.
“Globally, Malaysia is highlighted as one of many largest operational liquefaction capacities at 32 MTPA amongst 21 markets working LNG export services,” the report mentioned.
The report highlighted that Asia Pacific was the best exporting area, with a complete of 134.80 MT.
“The area additionally remained the largest importing area with 155.32 MT for LNG, the place the inter-regional commerce was at 95.0 MT in 2023,” it added.
The International Gas Union president Li Yalan mentioned that because the world strikes towards a low-emissions future, nations search methods to attain their local weather commitments whereas conserving vitality inexpensive, accessible and safe.
“LNG is a device that can be crucial to offering larger resiliency for quickly altering vitality programs world wide, and it’ll have an important function in mitigating the inherent threat of uncertainty by way of that course of,” she mentioned.
Meanwhile, Malaysian Gas Association (MGA) president Abdul Aziz Othman mentioned the MGA recognises the essential function LNG will play in Malaysia’s vitality transition roadmap, which anticipates fuel demand growing from 43 per cent to 56 per cent by 2050.
“This projected rise underscores the necessity for our business to be totally ready to fulfill these heightened expectations,” he mentioned.
He mentioned transferring ahead, MGA strongly helps the federal government’s aspiration for a completely liberalised fuel market, together with the facility sector.
“We imagine such a transfer will improve vitality provide safety and foster a extra environment friendly market surroundings, finally benefiting Malaysian customers,” he added.
