Malaysia to play more active role in gas, LNG exports: Mustapa

KUALA LUMPUR: With the finalisation of the Natural Gas Roadmap (NGR) and National Energy Policy (NEP), Malaysia intends to play a more role in gas and liquefied natural gas (LNG) industry, Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed said.

He said the roadmap aimed to enhance efficiency in the production of gas and LNG, as well as to encourage competition to create a more competitive, cheaper and more sustainable ways of energy consumption.

“Like every other countries in the world, we are aiming for a reduction in coal consumption as way to derive energy, as coal is still the biggest component in our energy mix.

“Moving forward, gas, hopefully will play an important role.

“Malaysia is one of the biggest gas exporters. In fact, we are the top five in the world in exports and top 20 in terms of gas reserves.

“In terms of consumption, we export most of our gas, of about 70 per cent.

“With this new roadmap and policy, Malaysia would like to a more active role.

“It is important for us to share best practices with our colleague from other countries,” he said at a press conference after the 7th International Energy Forum-International Gas Union (IEF-IGU) Ministerial Gas Forum today.

Mustapa said there had been a significant drop in LNG exports during the first nine months of this year at about RM23 billion, due to slower economic activity driven by Covid-19-related movement restrictions.

In comparison, Malaysia exported RM42.3 billion worth of LNG products in 2018 and RM42.5 billion in 2019.

Earlier, Prime Minister Tan Sri Muhyiddin Yassin said Malaysia was drafting an NGR as a continuation of the market liberalisation and to further future proof the gas industry.

Muhyiddin said the roadmap was part of the overall NEP to be announced in the first quarter of 2021.

Source: NST