Monday, 4 April 2011

Petronas to expand European gas trading desk

Petronas Energy Trading Limited (PETL), the trading arm of Malaysia's national oil company, will expand its European gas trading operations and enter the power and carbon markets in the second quarter, the company said on Friday.

The company currently trades in the British and Belgian gas markets but want to increase its trading into regions which are equally liquid, such as the Netherlands, Germany and potentially France, PETL said.

The trading desk will also expand to trade north-west European power and carbon emissions. PETL said it would trade certified emission reductions (CER) credits and European Union allowances (EUA) from its own global projects first.

PETL also announced on Friday that it had taken over full capacity rights from Switzerland-based Vitol at Britain's 283 million cubic metres (mcm) Humbly Grove gas storage site.

"The company will be looking to add additional flexible gas positions to its portfolio which complement its new Humbly Grove, as well as Dragon LNG terminal send-out and booked Rough storage capacity," PETL said in a statement.

Malaysia's Petronas owns 50 percent of importing capacity rights at Britain's Dragon liquefied natural gas (LNG) terminal.