Malaysian oil and gas producer Petronas plans to step up its energy trading activities in the UK and Continental Europe, hiring new staff in London and expanding from natural gas into power and carbon markets, the company said.
Reflecting the change in direction, the company said that its Petgas Trading (UK) unit has changed its name to Petronas Energy Trading.
Klaus Reinisch, CEO of Petronas Energy Trading, said in a statement: "With its new corporate identity and strategic vision, Petronas Energy Trading will continue to invest in a growing portfolio of energy trading positions in Europe's liberalized energy markets to create a successful sustainable asset-backed trading business in Europe."
Petronas is one of the owners of the UK's 6 billion cubic meter/year Dragon LNG import terminal in southwest Wales, which started operations in 2009. Petronas owns 30% of the terminal, while Dutch operator 4Gas has 20% and the UK's BG Group 50%.
In addition to being part-owner of the facility, Petronas has right to 50% of the throughput capacity, with BG Group holding the other 50%.
Reinisch said: "Leveraging the strength of Petronas and its leading global position in LNG and energy infrastructure, we will focus on optimizing our existing Dragon LNG terminal send-out capacity in the UK, and invest in natural gas storage, transportation, and gas-to-power tolling capacity in combination with a growing physical gas and power as well as carbon credit portfolio to generate growth and enhanced capability for the Petronas Group." Gas-to-power tolling deals normally involve a supplier providing the gas to a power plant belonging to another company, then offtaking the electricity that is produced from the fuel.
Petronas is also the owner of the UK's Star Energy, a gas storage developer that operates the Humbly Grove gas storage facility in Hampshire, and has other projects proposed including Albury gas storage in Surrey.
