PETRONAS Eyes Long-Term LNG Supply to PV GAS After First Cargo

Overview

PETRONAS LNG Ltd completed its first liquefied natural gas cargo delivery to Tổng công ty Khí Việt Nam (PV GAS) in April 2025, and the Malaysian state energy group says it is now in talks with Vietnamese partners on deeper LNG cooperation and a long-term supply model. The shipment, made under the 2023 cooperation memorandum between PETRONAS and Petrovietnam, positions GAS (HOSE) as a candidate anchor buyer for regional LNG as Vietnam builds out gas-fired power capacity.

Key Facts

• First LNG cargo delivered to PV GAS in April 2025, originating from PETRONAS’s Bintulu LNG complex in Sarawak, Malaysia.
• Cargo shipped aboard the Seri Ayu, a vessel chartered from MISC Berhad, PETRONAS’s shipping arm.
• Delivery point was the Thị Vải LNG terminal, PV GAS’s import facility in southern Vietnam.
• The transaction sits under a cooperation memorandum signed by PETRONAS and Petrovietnam in November 2023 covering upstream, LNG, downstream, renewables and carbon reduction.
• The two groups have since signed a Strategic Alliance Agreement (SAA) extending cooperation across upstream, LNG, downstream and low-emission solutions.
• PETRONAS has operated in Vietnam since 1991 and claims more than 40 years of LNG experience across the full value chain.
• PETRONAS has not disclosed volumes, contract values or pricing for any follow-on supply plan.

What Happened

According to PETRONAS, the April 2025 cargo was loaded at its Bintulu complex and transported to the Thị Vải LNG terminal by the Seri Ayu, chartered from MISC Berhad. The company framed the delivery as an extension of its relationship with Petrovietnam, formalised in the November 2023 memorandum and subsequently broadened through the Strategic Alliance Agreement.

Aimy Zairin Mohamed, PETRONAS’s chief representative in Vietnam, said the group is committed to partnering with Vietnam and Petrovietnam on energy security through LNG, citing supply capability, geographic proximity and flexibility. PETRONAS emphasised that its Malaysian supply sources sit relatively close to the Vietnamese market, shortening shipping times and improving responsiveness to international market swings. The company said talks on closer LNG cooperation are ongoing and that it has not yet published specific figures for its next steps, including any long-term supply arrangement.

Market Context

GAS (HOSE) closed at VND 78,300 on 23 October 2026. PV GAS sits in the Utilities sector and operates Vietnam’s principal gas transmission and LNG import infrastructure, including the Thị Vải terminal that received this cargo. The stock is sensitive to LNG import economics, gas-fired power dispatch and the pace of new terminal and pipeline build-out. The PETRONAS relationship matters against a broader Vietnamese push to diversify energy supply and secure firm LNG volumes for power generation.

Strategic Significance

The core thesis is supplier diversification and reliability rather than volume growth on its own. A regional supplier with upstream equity gas, liquefaction, shipping and trading under one roof reduces the execution risk PV GAS faces when sourcing spot cargoes in a volatile market. Proximity from Bintulu lowers freight cost and voyage time relative to Atlantic or Middle East sources, which matters for a buyer whose terminal economics depend on delivered price. A long-term supply model, if concluded, would give GAS more predictable feedstock for downstream power and industrial customers and strengthen its position as Vietnam’s default LNG gateway.

What to Watch

• Any signed LNG sale and purchase agreement between PETRONAS and PV GAS, including volume, tenor and pricing indexation.
• Disclosure of the next cargo delivery date or a scheduled shipment programme to Thị Vải.
• Petrovietnam and PETRONAS announcements under the Strategic Alliance Agreement covering upstream or low-emission projects.
• PV GAS quarterly results and disclosures on LNG import volumes and terminal throughput.
• Vietnamese government decisions on gas-fired power dispatch and the PDP8 LNG capacity pipeline.