Petroliam Nasional Bhd (Petronas) has lined up the trading arm of French energy company EDF to buy limited liquefied natural gas (LNG) volumes over three years, two industry sources said.
The deal, which is expected to start this year, comes as producers work increasingly closely with traders and middlemen to offload surfeit supply at a time of receding demand in the world's biggest LNG market Asia, driving down prices.
London-based EDF Trading, which has LNG purchase deals in place with Qatar's Rasgas and import rights at several European terminals, is to take delivery of one cargo every quarter but has an option to decline two deliveries annually, one of the sources said.
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The deal, which is expected to start this year, comes as producers work increasingly closely with traders and middlemen to offload surfeit supply at a time of receding demand in the world's biggest LNG market Asia, driving down prices.
London-based EDF Trading, which has LNG purchase deals in place with Qatar's Rasgas and import rights at several European terminals, is to take delivery of one cargo every quarter but has an option to decline two deliveries annually, one of the sources said.
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