A Gazprom delegation chaired by Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee paid a visit to Malaysia.

Within the visit Alexander Medvedev reported on Establishing Positions on the Global Energy Market at the 13th Annual Asian Oil and Gas Conference in Kuala Lumpur. The reporter envisaged that Asia Pacific Region is one of the key regions for Gazprom. The Company plans to intensify its activity on this market by developing gas deliveries and LNG trading as well as due to joining large hydrocarbon field development projects.

Additionally, Alexander Medvedev met with Mohammad Hassan Marican, President of Petronas. The parties discussed the prospects for cooperation between Russia and Malaysia in the oil and gas sector.

In the frames of the visit Gazprom and Petronas signed a Memorandum of cooperation. The document stipulates the development of multi-side cooperation of both companies within the projects execution in Russia, Malaysia and third countries as well as identifies the core cooperation principles between Gazprom and Petronas in the frames of the gas infrastructure construction projects including UGS facilities, pipelines and terminal regasification construction.

Therefore, the Memorandum of cooperation foresees the development of sci-tech cooperation of both parties in the exploration, production, transmission, supply and UGS sector.

“The Memorandum signed today lays a solid foundation for long-term cooperation between Gazprom and Petronas. We are talking about different projects starting from exploration and production and to the energy products marketing and experience sharing. We are sure that joint work will strengthen positions of both parties on the foreign energy market,” said Alexander Medvedev.

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Malaysia’s proved natural gas reserves account for 2.4 tcm.

Malaysia annually extracts and consumes some 62.8 bcm and 33. bcm of gas, respectively. The country’s primary energy mix is comprised of natural gas (49 per cent), oil (39 per cent), coal (10 per cent) and hydropower (2 per cent).

Petroliam Nasional Berhad (Petronas) state run oil & gas corporation of Malaysia was founded in 1974. The corporation is fully owned by the state and holds the monopoly on the use of Malaysia’s hydrocarbon resources. Currently, Petronas is a top-down company with operations in 31 countries.

The company deals with exploration and development of oil and gas fields, extraction and processing of oil and gas, marketing of petroleum products, natural gas and LNG, operation of pipelines, deliveries of oil, gas and their derivatives.