KUALA LUMPUR: Malaysia has retained its position as the fifth largest exporter of liquefied natural gas (LNG) in 2022, after Australia, the US, Qatar and Russia.
According to the International Gas Union’s (IGU) 14th annual World LNG Report 2023 released on July 12, LNG exports from Malaysia in 2022 stood at 27.3MT, an increase from 24.9MT in 2021, which constitutes about 7% of the total LNG traded globally.
The report highlighted that Asia Pacific remained the largest market for LNG, exporting a total of 136.6MT in 2022 and importing 160.9MT, where most of the LNG traded was intra-region at 97.9MT.
IGU president Li Yalan said the global community has witnessed the undeniable value of LNG as the optimal source of flexible, reliable, and efficient energy.
“Flexible energy will be necessary for the world to continue securely on its energy transition journey,” she said in the report.
Meanwhile, in a statement, Malaysian Gas Association (MGA) president Aziz Othman said LNG is a liquefied form of natural gas that enables the fuel to be delivered in bulk over long distances.
To ensure sufficient and uninterrupted supply to consumers in Peninsular Malaysia, he said LNG is brought in to supplement the supply from indigenous offshore natural gas.
“In the past, natural gas has been ensuring energy security and driving economic development and we expect natural gas to remain a core fuel in the next decades to come.
“As mentioned by the prime minister during the opening of Energy Asia earlier in June, Malaysia will continue to see natural gas playing an important role in the energy mix to transition towards a lower carbon economy,” said Aziz.